Columbus, Oh, Nov. 27 /PRNewswire/ -- Value City Department Stores, Inc. (NYSE: VCD) today announced its consolidated financial results for the third quarter ended November 3, 2001.
· Net sales for the third quarter ended November 3, 2001 increased 4.4% to $584.4 million from $559.8 million for the quarter ended October 28, 2000.
· Comparable store sales decreased 0.7% when compared to the same period last year.
· Net loss for the quarter was $6.5 million, or $0.19 per share on a diluted basis, compared to a net loss of $79.0 million, or $2.35 per share on a diluted basis last year. The thirteen weeks ended October 28, 2000 include pretax charges of $87.4 million to address excess inventory quantities plus $3.0 million attributable to severance and asset impairment.
· Net sales for the thirty-nine weeks ended November 3, 2001 increased 6.5% to $1.651 billion from $1.550 billion for the thirty-nine week period last year.
· Comparable store sales declined 3.0% when compared to the same thirty-nine week period last year.
· Net loss for the period was $20.0 million, or $0.60 per share on a diluted basis, compared to a net loss of $78.9 million, or $2.36 per share on a diluted basis last year. The thirty-nine weeks ended October 28, 2000 include pretax charges of $87.4 million to address excess inventory quantities plus $3.0 million attributable to severance and asset impairment.
At 8:30 a.m. EST, on November 28, 2001, the Company's management team will host a conference call to review the financial results. The conference call will be simultaneously broadcast over the Internet at www.valuecity.com. A replay will be available from 12 p.m. EST November 28, 2001 through December 28, 2001. To listen to the replay, dial 1-800-839-0860 and reference confirmation code number 1216.
Value City Department Stores, Inc. is a leading off-price retailer operating 118 full-line department stores in the Midwest, mid-Atlantic and southeastern U.S., 20 Filene’s Basement Stores and 102 better-branded DSW Shoe Warehouse Stores in major metropolitan areas throughout the country.
SOURCE: Value City Department Stores, Inc.
Contact: Jim McGrady, Chief Financial Officer - (614) 478-2300
VALUE CITY DEPARTMENT STORES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited) (Unaudited)
November 3, February 3, October 28,
2001 2001 2000
ASSETS
Cash and equivalents $ 25,342 $ 10,562 $ 5,114
Accounts receivable, net 5,805 44,927 50,528
Receivables from affiliates 2,839 9,452 10,260
Inventories 493,125 393,577 502,916
Prepaid expenses and other assets 18,705 22,290 7,723
Deferred income taxes 74,165 51,732 25,919
Total current assets 619,981 532,540 602,460
Property and equipment, net 239,589 249,039 244,922
Investment in joint venture 5,840 8,292 8,941
Goodwill and tradenames 60,044 67,056 55,202
Other assets 48,304 51,082 75,521
Total assets $ 973,758 $ 908,009 $ 987,046
LIABILITIES AND
SHAREHOLDERS' EQUITY
Accounts payable $ 205,748 $ 180,736 $ 213,467
Accounts payable to affiliates 19,804 13,655 30,865
Accrued expenses 121,590 126,144 105,727
Current maturities long-term obligations 623 603 539
Total current liabilities 347,765 321,138 350,598
Long-term obligations, net of current maturities 381,382 326,449 356,597
Deferred income taxes and
other noncurrent liabilities 15,127 10,115 6,859
Shareholders' equity 229,484 250,307 272,992
Total Liabilities and Stockholders' Equity $ 973,758 $ 908,009 $ 987,046
VALUE CITY DEPARTMENT
STORES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(Dollars in thousands, except share amounts)
(Unaudited)
Thirteen Weeks Ended Thirty-nine Weeks Ended
November 3, October 28, November 3, October 28,
2001 2000 2001 2000
Net sales, excluding sales
of licensed departments $ 584,403 $ 559,820 $1,650,994 $ 1,550,119
Cost of sales 360,943 446,973 1,020,041 1,059,252
Gross profit 223,460 112,847 630,953 490,867
Selling, general and
administrative expenses 229,167 235,835 648,968 607,090
License fees from affiliates 2,592 1,599 6,843 6,248
Other operating income 1,658 614 4,247 2,048
Operating loss (1,457) (120,775) (6,925) (107,927)
Interest expense, net 7,406 7,873 23,900 21,191
Other income (expense), net (18) (597) (13) 244
Loss before equity in loss of joint
venture and benefit
for income taxes (8,881) (129,245) (30,838) (128,874)
Equity in loss of joint venture (1,242) (551) (2,453) (712)
Loss before benefit for income taxes (10,123) (129,796) (33,291) (129,586)
Benefit provision for income taxes 3,645 50,781 13,243 50,694
Net loss $ (6,478) $ (79,015) $ (20,048) $ (78,892)
Basic loss per share $ (0.19) $ (2.35) $ (0.60) $ (2.36)
Diluted loss per share $ (0.19) $ (2.35) $ (0.60) $ (2.36)
Weighted average shares:
Common 33.6 33.6 33.5 33.4
Diluted 33.6 33.6 33.5 33.4
Same store sales:
Value City Department Stores (0.1)% (8.1)% (4.6)% (2.1)%
DSW Shoe Warehouse (2.4) 18.3 0.4 21.7
Filene's Basement (1.2) n/a 2.3 n/a
Total (0.7)% (4.3)% (3.0)% 1.5%
Store count at end of period:
Value City Department Stores 118 120
DSW Shoe Warehouse 100 75
Filene's Basement 20 19
Total 238 214
SOURCE Value City Department Stores, Inc.