Content about Retail Ventures

Columbus, Ohio -- DSW said Tuesday that its second-quarter profit soared, boosted by a hefty one-time gain related to its acquisition of Retail Ventures.

The results beat Wall Street expectations and the company boosted its full-year outlook.

For the quarter ended July DSW posted net income of $139.9 million, compared with $26.9 million for the same quarter last year.

Columbus, Ohio -- Retail Ventures, parent of off-price shoe retail chain DSW, reported Monday that net income for the quarter ended Jan. 29 was $5.7 million, compared with a loss of $5.3 million a year earlier.

Sales for the quarter were $468.5 million, up from $402.6 million in the year-ago period. DSW same-store sales increased 14.9%.

For the full year, net income was $51.8 million, compared with a loss of $65.6 million the year before. Sales were $1.82 billion, compared with $1.60 billion for the prior year.

Columbus, Ohio -- DSW said Tuesday that it will acquire its largest shareholder Retail Ventures and turn it into a wholly owned subsidiary, helping to simplify its relationship.

According to the shoe retailer, the two companies signed a merger agreement, under which DSW will give stockholders 0.435 of a DSW share for each share they hold of Retail Ventures.

Retail Venture holds a 62% stake in DSW.

The companies are slated to hold a conference on Wednesday to discuss the deal with investors.

Columbus, Ohio -- DSW said Monday it has appointed Christopher Lanning as senior VP and general manager of the retailer’s Leased Business Division.

Lanning will be responsible for managing DSW's existing leased business client base and developing new account relationships. DSW currently operates 353 shoe departments in conjunction with leased business partners, which include Steinmart, Gordmans, Filene's Basement and Frugal Fannie's.