COLUMBUS, Ohio, Dec. 9 /PRNewswire-FirstCall/ -- Retail Ventures, Inc. (NYSE: RVI) today announced its consolidated financial results for the third quarter ended November 1, 2008.

    -- Total sales for the three months ended November 1, 2008 increased 2.9%
to  $503.5 million from $489.4 million for the three months ended November 3,
2007. The Company's same store sales decreased 3.3% for the comparable three
months.

                                                      Three months ended
                                                  November 1,    November 3,
                                                        2008           2007
                                                         (in thousands)
    Total Sales:
     DSW                                            $391,355       $367,380
     Filene's Basement                               112,150        122,014
                                                    $503,505       $489,394
    Comparable Sales Percentage:
     DSW                                              (4.1)%         (3.0)%
     Filene's Basement                                (1.0)%          1.2 %
                                                      (3.3)%         (2.1)%

    -- Total sales for the nine months ended November 1, 2008 increased 0.7%
to $1.43 billion from $1.42 billion for the nine months ended November 3,
2007. The Company's same store sales decreased 4.2% for the comparable nine
months.

                                                       Nine months ended
                                                  November 1,    November 3,
                                                        2008           2007
                                                        (in thousands)
    Total Sales:
     DSW                                          $1,114,794     $1,073,095
     Filene's Basement                               314,781        346,776
                                                  $1,429,575     $1,419,871
    Comparable Sales Percentage:
     DSW                                              (5.5)%         (0.5)%
     Filene's Basement                                 0.0 %          3.3 %
                                                      (4.2)%          0.4 %

-- The income from continuing operations for the three months ended November 1, 2008 was $8.0 million, or $0.16 per share on a diluted basis, compared to income from continuing operations of $82.4 million, or $1.45 per share on a diluted basis last year.

-- The income from continuing operations for the nine months ended November 1, 2008 was $48.0 million, or $0.96 per share on a diluted basis, compared to income from continuing operations of $211.1 million, or $3.62 per share on a diluted basis last year.

The Company believes the non-cash accounting reduction of expenses associated with the change in fair value of derivative instruments is not directly related to its retail operations and is therefore providing supplemental adjusted results that exclude this item. This non-GAAP financial measure should facilitate analysis by investors and others who follow the Company's financial performance.