COLUMBUS, Ohio, Dec. 8, 2010 /PRNewswire-FirstCall/ -- Retail Ventures, Inc. (NYSE: RVI) today announced its consolidated financial results for the third quarter ended October 30, 2010.
- The income (loss) from continuing operations for the quarter ended October 30, 2010 was a profit of $7.9 million on net sales of $489.3 million, compared to a loss of $3.9 million on net sales of $444.6 million for the quarter ended October 31, 2009. DSW same store sales increased 10.1% during the third quarter versus an increase of 8.7% last year.
- Diluted (loss) earnings per share from continuing operations attributable to Retail Ventures, Inc. common shareholders was $0.11 for the quarter ended October 30, 2010 compared with diluted loss per share from continuing operations attributable to Retail Ventures, Inc. of $0.28 per share for the quarter ended October 31, 2009.
Retail Ventures, Inc. is a holding company whose subsidiary, DSW, is a leading United States branded footwear specialty retailer operating as of October 30, 2010, 313 DSW shoe stores in 39 states. DSW also supplies shoes, under supply arrangements, to 351 locations for other retailers in the United States and operates dsw.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Any statements in this release that are not historical or current facts are forward-looking statements. All forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors that could cause our future financial performance in fiscal 2010 and beyond to differ materially from those expressed or implied in any such forward-looking statements. Certain of these risks and uncertainties are described in the "Risk Factors" section of the Company's latest quarterly or annual report, as filed with the SEC. These factors include, but are not limited to: our ability to manage and enhance liquidity; DSW's success in opening and operating new stores on a timely and profitable basis; continuation of DSW's supply agreements and the financial condition of its leased business partners; DSW maintaining good relationships with its vendors; DSW's ability to anticipate and respond to fashion trends; fluctuation of DSW's comparable store sales and quarterly financial performance; the realization of our bankruptcy claims related to liquidating Filene's Basement and Value City; the impact of the disposition of Filene's Basement and of a majority interest in Value City and the reliance on remaining subsidiaries to pay indebtedness and intercompany service obligations; the risk of Value City and liquidating Filene's Basement not paying us or their creditors, for which Retail Ventures may have some liability; the risk of new Filene's Basement not paying obligations related to the assets it has assumed from liquidating Filene's Basement if such obligations are subject to ongoing guarantee by us; the impact of Value City and Filene's Basement on our liquidity; disruption of DSW's distribution operations; our dependence on DSW for key services; failure to retain our key executives or attract qualified new personnel; DSW's competitiveness with respect to style, price, brand availability and customer service; uncertain general economic conditions; risks inherent to international trade with countries that are major manufacturers of footwear; the success of dsw.com; lease of an office facility; risks related to our cash and investments and various risks associated with the Value City bankruptcy proceedings. Additional factors that could cause our actual results to differ materially from our expectations are described in the Company's latest annual or quarterly report, as filed with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made. The Company undertakes no obligation to revise the forward-looking statements included in this press release to reflect any future events or circumstances.
RETAIL VENTURES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
Cash and equivalents
Accounts receivable, net
Prepaid expenses and other current assets
Deferred income taxes
Total current assets
Property and equipment, net
Conversion feature of long-term debt
Deferred income taxes and other assets
LIABILITIES AND SHAREHOLDERS' EQUITY
Current maturities of long-term obligations
Conversion feature of short-term debt
Total current liabilities
Deferred income taxes and other non current liabilities
Total Retail Ventures' shareholders' equity
Total shareholders' equity
Total liabilities and shareholders' equity
RETAIL VENTURES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share amounts)
Three months ended
Nine months ended
Cost of sales
Selling, general and administrative expenses
Change in fair value of derivative instruments
Operating profit (loss)
Interest expense, net
Non-operating income (expense), net
Income (loss) from continuing operations before income taxes
Income tax expense
Income (loss) from continuing operations
Total income (loss) from discontinued operations, net of tax
Net income (loss)
Less: net income attributable to the noncontrolling interests
Net (loss) income attributable to Retail Ventures, Inc.
Basic and diluted (loss) earnings per share:
Basic (loss) earnings per share from continuing operations attributable to Retail Ventures, Inc. common shareholders
Diluted (loss) earnings per share from continuing operations attributable to Retail Ventures, Inc. common shareholders
Basic earnings (loss) per share from discontinued operations attributable to Retail Ventures, Inc. common shareholders
Diluted earnings (loss) per share from discontinued operations attributable to Retail Ventures, Inc. common shareholders
Basic (loss) earnings per share attributable to Retail Ventures, Inc. common shareholders
Diluted (loss) earnings per share attributable to Retail Ventures, Inc. common shareholders
Shares used in per share calculations:
Amounts attributable to Retail Ventures, Inc. common shareholders:
(Loss) income from continuing operations, net of tax
Discontinued operations, net of tax
Net (loss) income
SOURCE Retail Ventures, Inc.