COLUMBUS, Ohio, Dec. 12 /PRNewswire/-- (NYSE: VCD - news) today announced financial results for its third quarter ended October 28, 2000, and new and amended credit agreements.

Financial Results
Sales for the third quarter increased 26.9% to $559.8 million from $441.3 million. This year's third quarter sales include $72.8 million net owned sales for the 19 Filene's Basement stores. Same store sales decreased 4.3%.

Sales for the nine months ended October 28, 2000, increased 33.8% to $1,550.1 million from $1,158.6 million. This year's sales included $162.7 million net owned sales of the Filene's Basement stores acquired effective March 17, 2000. Same store sales increased 1.5%.

The Company's net loss for the quarter was $79.0 million, or $2.35 per share, versus a $7.7 million profit, or $0.23 per diluted share for last year's quarter.

The Company's net loss for the nine months was $78.9 million, or $2.36 per share, versus a $13.2 million profit, or $0.40 per diluted share, for last year's nine months.

Fiscal 2000 operating results include $90.4 million, or $1.64 per share, of non-recurring pretax charges in the third quarter principally for inventory realignment, asset impairment and severance costs. The Company anticipates approximately $19.6 million of additional pretax charges for these items in the fourth quarter of fiscal 2000.

New and Amended Credit Agreements
Value City Department Stores, Inc. also announced today that it has amended and restated its $300 million bank credit facility with its existing lenders. The facility, which expires on March 15, 2003, provides for revolving and overnight loans and letters of credit. Outstanding advances are secured by a lien on assets and are subject to a monthly borrowing base of eligible inventories and receivables, as defined. The new agreement has certain restrictive covenants and financial ratio tests conducive to the Company's operating strategies.

The Company has also completed a $50 million subordinated secured credit facility with Schottenstein Stores Corporation ("SSC") to supplement operating cash requirements. Outstanding advances under the agreement are subordinated to the bank credit facility and are subject to a junior lien on assets securing the bank credit facility.

Additionally, pursuant to terms of the $75 million Senior Subordinated Convertible Loan Agreement, dated as of March 15, 2000, SSC has purchased the outstanding balance under the same continuing terms.

Value City Department Stores, Inc. is a leading off-price retailer, currently operating 120 full-line department stores in the midwest, mid-Atlantic and southeastern U.S., 19 Filene's Basement stores primarily in the northeastern U.S. as well as 75 better-branded, off-price DSW Shoe Warehouse stores in major metropolitan areas throughout the country.

"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements, which represent our expectations or beliefs concerning future events. All forward-looking statements involve material risks and uncertainties and are subject to change based on factors beyond our control. Such factors include, but are not limited to those risks described in our filings with the Securities and Exchange Commission. We do not undertake to publicly update or revise forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

VALUE CITY DEPARTMENT STORES, INC. (NYSE: VCD - news) (in millions except per share and footnote data) (unaudited)
	Third Quarter Ended		Nine Months Ended
	10/28/00	10/30/99	10/28/00	10/30/99
NET OWNED SALES	$559.8	$441.3	$1,550.1	$1,158.6
NET INCOME (LOSS)	$(79.0)	$7.7	$(78.9)	$13.2
BASIC EARNINGS (LOSS) PER SHARE	$(2.35)	$0.24	$(2.36)	$0.41
DILUTED EARNINGS (LOSS) PER SHARE	$(2.35)	$0.23	$(2.36)	$0.40
WEIGHTED AVERAGE SHARES OUTSTANDING (a)	33.6	32.5	33.4	32.4
SHARES USED FOR DILUTED EPS (a)	33.6	32.9	33.4	32.7

1. Excludes 7,651 and 343,600 treasury shares at October 28, 2000 and October 30,1999, respectively.