Home categories a drag on Retail Ventures results
By Staff -- Home Textiles Today, 12/5/2006 1:19:00 PM
Columbus, Ohio – Home furnishings were “difficult” at Filene’s Basement, with comparable store sales for the category down 1%, while home and hard lines comp sales were down 3.6% at Value City, said Heywood Wilansky, ceo of parent company Retail Ventures during the third-quarter earnings call late yesterday.
Net sales for the quarter rose 5.6% to $787.6 million from $746.1 million last year, while comps were up 2.3%.
On a diluted basis, the company reported a net loss for the quarter of $34.1 million or $0.72 per share, a major change from diluted net income of $56.4 million, or $0.92 per share for the same period one year ago.
The company noted that its “non-cash accounting charge associated with the change in fair value of derivative instruments is not directly related to its retail operations” and therefore it also reported non-GAAP adjusted results, which show an operating profit of $15.8 million for the quarter, as well as a diluted loss per share of only $0.07.
James McGrady, cfo, said the company is projecting “comps slightly negative” for the full year, with operating profit of “about negative 1%” compared to the year prior.
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