Retail Ventures saw its third quarter profit slashed to US$8m from $82.4m for the same period last year, despite a rise in sales.

The company, which operates the DSW and Filene's Basement chains, recorded a 2.9% increase in sales to $503.5m in the period to 1 November, although same store sales were down 3.3%.

DSW's third quarter sales were up to $391.4m from $367.4m last year, but Filene's Basement's revenues dropped to $112.2m from $122m.

The chains' same store sales were down 4.1% and 1% respectively. For the first nine months of the fiscal year, Retail Ventures' profit was $48m, down from $211.1m last year.

Total sales were up 0.7% to $1.43bn, while same store sales decreased 4.2%.

For the nine months, DSW revenues were $1.11bn, up from $1.07bn for the same period last year. Filene's Basement sales were $314.8m, down from $346.8m last year.

DSW's same store sales were down 5.5%, while Filene's Basement was flat.