COLUMBUS, Ohio--Retail Ventures, the off-price retailer that owns Value City, DSW and Filene's Basement, reversed its loss during the third quarter ended Nov. 3, even though sales were flat and same-store sales were down.
In a statement disclosing financial results, the company said overall sales reached $787.8 million, virtually unchanged from the $787.6 million during the same period in 2006. Net income grew to $68.2 million, or $1.20 per diluted share, compared with a loss of $34 million, or 72 cents a share, in the year-ago quarter.
The improved quarterly showing reflected operating profits recorded by shoe retailer DSW. The other two units reported losses.