US: Retail Ventures swing to Q3 loss
$3.9m loss from continuing operations
Q3 sales up 13.6% to $444.6m
DSW same store sales rise 8.7%
Off-price retailer Retail Ventures Inc has swung to a third quarter loss from continuing operations, despite booking a double-digit hike in sales.
Losses for the three months to 31 October were $3.9m or $0.28 per share, compared to a profit of $19.5m or $0.30 per share in the same period a year ago.
Quarterly sales rose 13.6% to $444.6m from $391.4m last time, with same store sales at its DSW shoe chain jumping 8.7%.
As well as its 306 stores, DSW also supplies shoes to 356 locations for other retailers in the United States.
Earlier this year Retail Ventures sold its Filene's Basement business to FB II Acquisition Corp, a newly formed entity owned by Buxbaum Holdings. In May, Filene's Basement filed for bankruptcy protection.
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