COLUMBUS, Ohio, May 30, 2001 /PRNewswire/-- (NYSE: VCD - news) today announced financial results for the quarter ended May 5, 2001.
Sales for the first quarter increased 14.7% to $530.1 million from $462.1 million. Same store sales decreased 3.9%. Net sales for Filene's Basement stores acquired March 17, 2000 were $63.5 million and $25.9 million for the fiscal quarters ended May 5, 2001 and April 29, 2000, respectively.
The Company's net loss for the quarter was $7.8 million, or $0.23 for diluted earnings per share, versus a net income of $0.1 million, or $0.00 per share for last year's quarter.
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. as well as 85 better-branded, off-price DSW Shoe Warehouse stores in major metropolitan areas throughout the country.
| VALUE
CITY DEPARTMENT STORES, INC. (NYSE:VCD) (in millions except per share and footnote data) (unaudited) |
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| First Quarter Ended | |||
| 5/5/01 | 4/29/00 | ||
| NET OWNED SALES | $530.1 | $462.1 | |
| NET (LOSS) INCOME | $(7.8) | $0.1 | |
| BASIC
AND DILUTED (LOSS) EARNINGS PER SHARE |
$(0.23) | $0.00 | |
| WEIGHTED
AVERAGE SHARES OUTSTANDING (a) |
33.5 | 33.0 | |
| SHARES
USED FOR DILUTED EPS (a) |
33.5 | 33.4 | |
(a) Excludes 7,651 treasury shares at May 5, 2001 and April 29, 2000. |
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| VALUE CITY DEPARTMENT STORES, INC. | |||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||
| (in thousands, except per share amounts) | |||||||||
| (unaudited) | |||||||||
| Three months ended | |||||||||
| May 5, 2001 | April 29, 2000 | ||||||||
| Comp sales | (3.9%) | 6.5% | |||||||
| Net sales | $530,114 | $462,053 | |||||||
| Cost of sales | (328,221) | (284,322) | |||||||
| Gross profit | 201,893 | 38.1% | 177,731 | 38.5% | |||||
| Selling, general and administrative expenses | (208,513) | -39.3% | (174,192) | -37.7% | |||||
| License fees from affiliates and other operating income | 2,607 | 0.5% | 2,196 | 0.5% | |||||
| Operating (loss) profit | (4,013) | -0.7% | 5,735 | 1.3% | |||||
| Interest expense, net | (8,436) | -1.6% | (5,354) | -1.2% | |||||
| Gain (loss) on sale of assets, net | 1 | 0.0% | (20) | 0.0% | |||||
| (Loss) income before equity in loss of joint venture | |||||||||
| and benefit (provision) for income taxes | (12,448) | -2.3% | 361 | 0.1% | |||||
| Equity in loss of joint venture | (884) | -0.2% | (269) | -0.1% | |||||
| (Loss) income before benefit (provision) for income taxes | (13,332) | -2.5% | 92 | 0.0% | |||||
| Benefit (provision) for income taxes | 5,533 | 1.0% | (37) | 0.0% | |||||
| Net (loss) income | ($7,799) | -1.5% | $55 | 0.0% | |||||
| Basic and diluted (loss) earnings per share | ($0.23) | $0.00 | |||||||
| VALUE
CITY DEPARTMENT STORES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS |
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| (in
thousands) (unaudited) |
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| ASSETS | ||||
| Current assets: | ||||
| Cash and equivalents | $48,757 | $7,726 | ||
| Inventories | 484,145 | 566,669 | ||
| Other current assets | 130,242 | 61,323 | ||
| Total current assets | 663,144 | 635,718 | ||
| Property, net | 248,375 | 231,912 | ||
| Other noncurrent assets | 115,336 | 116,823 | ||
| Total assets | $1,026,855 | $984,453 | ||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
| Total current liabilities | $381,724 | $358,593 | ||
| Total long-term liabilities | 401,864 | 275,062 | ||
| Total liabilities | 783,588 | 633,655 | ||
| Total shareholders' equity | 243,267 | 350,798 | ||
| Total liabilities and shareholders' equity | $1,026,855 | $984,453 | ||
For More Information Contact:
James McGrady
Phone: (614) 478-2300
Value City Department Stores, Inc.
3241 Westerville Road, Columbus, OH 43224