Retail Ventures Reports 4Q Loss
Columbus, Ohio Retail Ventures reported that its loss for the fourth quarter ended Feb. 2 totaled $125.7 million, up from a loss of $35.9 million in last year's fourth quarter. Last year's fourth quarter was hit with a $65.2 million charge from a drop in the value of derivatives, vs. a gain of $19.5 million from derivatives in this year's fourth quarter.
However, Retail Ventures recorded a $116.7 million loss from discontinued operations in the quarter, when it sold an 81% stake in its Value City Department Stores chain.
Fourth-quarter sales fell 2% to $452 million from $458.9 million as the company's Filene's Basement chain saw an 8% decline in sales to $119.5 million. The decline was offset by a 1% gain in sales at DSW stores to $332.5 million.
Full-year earnings for Retail Ventures hit $51.4 million vs. a loss of $150.9 million last year. This year's results include a $150.7 million loss on discontinued operations, offset by a $248.2 million gain from derivatives. Last year's loss was driven by a $176 million hit from derivatives.
Revenue for the fiscal year grew 9% to $1.87 billion from $1.71 billion as sales at DSW and Filene's increased. However, same-store sales were up only 0.3%, pulled down by a 0.8% same-store sales decline for DSW.