COLUMBUS, Ohio, April 11, 2001 /PRNewswire/-- (NYSE: VCD - news) today announced financial results for its fourth quarter ended February 3, 2001.

Sales for the 14-week period increased 29.6% to $662.9 million from $511.6 million. This year's fourth quarter sales include $87.6 million net owned sales for the 19 Filene's Basement stores acquired effective March 17, 2000. Same store sales decreased 6.4%.

Sales for the 53-week period ended February 3, 2001, increased 32.5% to $2,213.0 million from $1,670.2 million. This year's sales included $249.1 million net owned sales of the Filene's Basement stores. Same store sales decreased 1.1%.

The Company's net loss for the 14-week period was $22.9 million, or $0.67 per share, versus a $20.2 million profit, or $0.61 per diluted share for last year's quarter.

The Company's net loss for the 53-week period was $101.8 million, or $3.03 per share, versus a $33.5 million profit, or $1.02 per diluted share, for last year's twelve months.

Fiscal 2000 operating results include $19.6 million, or $0.35 per share, of non-recurring pretax charges in the 14-week period and $110.0 million, or $1.99 per share in the 53-week period ended February 3, 2001. These non-recurring charges were principally for inventory realignment, asset impairment and severance costs.

Value City Department Stores, Inc. is a leading off-price retailer, currently operating 119 full-line department stores in the midwest, mid-Atlantic and southeastern U.S., 19 Filene's Basement stores primarily in the northeastern U.S. and 81 better-branded DSW Shoe Warehouse Stores in major metropolitan areas throughout the country.

A management discussion of the fourth quarter and fiscal 2000 results of operations will be held today at 4:00 p.m. EST. To listen to the webcast access the Value City Department Store website (www.valuecity.com) and click "Enter Value City Department Stores" icon. Then click on the StreetFusion icon. The webcast is also available through StreetFusion at www.streetfusion.com.

The webcast will be available for replay at the Value City Department Stores website through May 11, 2001.

VALUE CITY DEPARTMENT STORES, INC. (NYSE:VCD)
(in millions except per share and footnote data)
(unaudited)
Fourth Quarter Ended Twelve Months Ended
2/3/01
14 Weeks		 1/29/00
13 Weeks		 2/3/01
53 Weeks		 1/29/00
52 Weeks
NET OWNED SALES $662.9 $511.6 $2,213.0 $1,670.2
NET (LOSS) INCOME $(22.9) $20.2 $(101.8) $33.5
BASIC (LOSS) EARNINGS
PER SHARE		 $(0.67) $0.62 $(3.03) $1.03
DILUTED (LOSS) EARNINGS
PER SHARE		 $(0.67) $0.61 $(3.03) $1.02
WEIGHTED AVERAGE
SHARES OUTSTANDING (a)		 33.9 32.8 33.6 32.5
SHARES USED FOR
DILUTED EPS (a)		 33.9 33.4 33.6 32.9


(a) Excludes 7,651 and 87,651 treasury shares at February 3, 2001 and January 29, 2000, respectively.

VALUE CITY DEPARTMENT STORES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)
Three months ended Twelve months ended
February 3, 2001 January 29, 2000 February 3, 2001 January 29, 2000
14 Weeks 13 Weeks 53 Weeks 52 Weeks
Comp sales (6.4) % 9.4 % (1.1) % 7.2 %
Total sales 662,898 511,602 2,213,017 1,670,176
Cost of sales (433,695) (319,634) (1,492,947) (1,039,145)
Gross profit 229,203 34.6% 191,968 37.5% 720,070 32.5% 631,031 37.8%
Selling, general and administrative expenses (263,147) -39.7% (163,351) -31.9% (870,237) -39.3% (579,460) -34.7%
License fees from affiliates and other operating income 6,286 0.9% 5,674 1.1% 14,582 0.7% 14,071 0.8%
Operating (loss) profit (27,658) -4.2% 34,291 6.7% (135,585) -6.1% 65,642 3.9%
Interest expense, net (9,290) -1.4% (2,536) -0.5% (30,481) -1.4% (10,728) -0.6%
(Loss) gain on disposal of assets, net (260) 0.0% 67 0.0% (16) 0.0% 146 0.0%
(Loss) income before equity in (loss) income of joint
venture and provision for income taxes (37,208) -5.6% 31,822 6.2% (166,082) -7.5% 55,060 3.3%
Equity in (loss) income of joint venture (627) -0.1% 1,864 0.4% (1,339) -0.1% 1,340 0.1%
(Loss) income before benefit (provision) for income taxes (37,835) -5.7% 33,686 6.6% (167,421) -7.6% 56,400 3.4%
Benefit (provision) for income taxes 14,936 2.3% (13,440) -2.6% 65,630 3.0% (22,932) -1.4%
Net (loss) income ($22,899) -3.4% $20,246 4.0% ($101,791) -4.6% $33,468 2.0%
Basic (loss) earnings per share ($0.67) $0.62 ($3.03) $1.03
Diluted (loss) earnings per share ($0.67) $0.61 ($3.03) $1.02
VALUE CITY DEPARTMENT STORES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share amounts)
(unaudited)
February 3, January 29,
2001 2000
ASSETS
Current assets:
Cash and equivalents $10,562 $6,027
Inventories 393,577 412,479
Other current assets 130,141 37,026
Total current assets 534,280 455,532
Property, net 249,038 207,495
Other noncurrent assets 124,691 81,154
Total assets $908,009 $744,181
LIABILITIES AND SHAREHOLDERS' EQUITY
Total current liabilities 326,544 250,521
Total long-term liabilities 331,158 151,299
Total liabilities 657,702 401,820
Total shareholders' equity 250,307 342,361
Total liabilities and shareholders' equity $908,009 $744,181


For More Information Contact:

James McGrady
Phone: (614) 478-2300
Value City Department Stores, Inc.
3241 Westerville Road, Columbus, OH 43224