Retail Ventures Inc announced its consolidated financial results for the first quarter ended April 29, 2006.
Net sales for the thirteen-week period ended April 29, 2006 increased 6.1 percent to $721.5 million from $680.0 million for the quarter ended April 30, 2005, a $41.5 million increase over the prior year's thirteen-week period. The Company's comparable store sales for the thirteen-week period ended April 29, 2006 increased 3.5 percent when compared to the same period last year.
The net loss for the quarter ended April 29, 2006 was $59.6 million, or $1.45 per share on a diluted basis, compared to a net loss of $11.5 million, or $0.32 per share on a diluted basis, for the quarter ended April 30, 2005. Included in net loss for the quarter ended April 29, 2006 was $59.4 million of non-cash expense representing the change in fair value of warrants issued by the Company to certain of its lenders.
Retail Ventures Inc is a leading off-price retailer operating, as of April 29, 2006, 113 Value City Department Stores in the Midwest, Mid-Atlantic and Southeastern United States, 26 Filene's Basement stores located primarily in major metropolitan areas in the Northeast and Midwest and 204 better-branded DSW stores in major metropolitan areas throughout the country.
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