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Retail Ventures reports Q2 operating results

09
Sep '08
Retail Ventures Inc announced its consolidated financial results for the second quarter ended August 2, 2008.

Total sales for the three months ended August 2, 2008 decreased 1.0% to $459.8 million from $464.6 million for the three months ended August 4, 2007. The Company's same store sales decreased 5.1% for the comparable three months.

Total sales for the six months ended August 2, 2008 decreased 0.5% to $926.1 million from $930.5 million for the six months ended August 4, 2007. The Company's same store sales decreased 4.7% for the comparable six months.

The income from continuing operations for the three months ended August 2, 2008 was $7.2 million, or $0.15 per share on a diluted basis, compared to an income from continuing operations of $115.6 million, or $1.97 per share on a diluted basis last year.

The income from continuing operations for the six months ended August 2, 2008 was $40.0 million, or $0.80 per share on a diluted basis, compared to an income from continuing operations of $128.7 million, or $2.18 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.

On January 23, 2008, Retail Ventures Inc disposed of an 81% ownership interest in its Value City operations.

Retail Ventures Inc


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