Retail Ventures, Inc. Reports Fourth Quarter and Year End Operating Results

COLUMBUS, Ohio, March 28, 2011 /PRNewswire/ -- Retail Ventures, Inc. (NYSE: RVI) today announced its consolidated financial results for the fourth quarter and year ended January 29, 2011.

• The income from continuing operations for the quarter ended January 29, 2011 was $5.7 million on net sales of $468.5 million, compared to the loss from continuing operations of $5.3 million on net sales of $402.6 million for the quarter ended January 30, 2010. DSW same store sales increased 14.9% during the fourth quarter versus an increase of 12.9% last year.

• Diluted loss per share from continuing operations attributable to Retail Ventures, Inc. common shareholders was $0.03 for the fourth quarter compared with diluted loss per share from continuing operations attributable to Retail Ventures, Inc. of $0.21 per share last year.

• The income from continuing operations for the year ended January 29, 2011 was $51.8 million on net sales of $1.82 billion, compared to loss from continuing operations of $65.6 million on net sales of $1.60 billion for the prior year.  DSW same store sales increased 13.2% for the year versus an increase of 3.2% last year.

• Diluted earnings per share from continuing operations attributable to Retail Ventures, Inc. common shareholders was $0.23 per share for the year compared with diluted loss per share from continuing operations attributable to Retail Ventures, Inc. of $1.76 per share last year.

Retail Ventures, Inc. is a leading off-price retailer operating as of January 29, 2011, 311 DSW shoe stores in 39 states and an e-commerce site, www.dsw.com.  DSW also supplies shoes, under supply arrangements, to 352 locations for four retailers in the United States.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

Any statements in this release that are not historical or current facts are forward-looking statements. All forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors that could cause our future financial performance in fiscal 2011 and beyond to differ materially from those expressed or implied in any such forward-looking statements. Certain of these risks and uncertainties are described in the "Risk Factors" section of the Company's latest quarterly or annual report, as filed with the SEC. These factors include, but are not limited to: the anticipated benefits of the proposed merger with DSW taking longer to realize or not being achieved in their entirety; the proposed merger with DSW being more expensive to complete than anticipated, including as a result of unexpected factors or events; the possibility of adverse publicity or litigation related to the proposed merger with DSW, including an adverse outcome thereof and the costs and expenses associated therewith; the risk that the proposed merger with DSW will not close, will be delayed or not close when expected; our ability to manage and enhance liquidity; fluctuations in the trading price and volume of Retail Ventures and DSW common shares; we are controlled by Schottenstein Stores Corporation and its affiliates who may compete directly against us and whose interest may differ from our other shareholders; DSW's success in opening and operating new stores on a timely and profitable basis; continuation of DSW's supply agreements and the financial condition of its leased business partners; DSW maintaining good relationships with its vendors; DSW's ability to anticipate and respond to fashion trends; fluctuation of DSW's comparable sales and quarterly financial performance; the realization of our bankruptcy claims related to liquidating Filene's Basement and Value City; RVI's reliance on a credit facility from SEI, Inc. to pay ongoing expenses, indebtedness and intercompany service obligations; the risk of liquidating Filene's Basement not paying us or their creditors, for which Retail Ventures may have some liability; the risk of new Filene's Basement not paying obligations related to the assets it has assumed from liquidating Filene's Basement if such obligations are subject to ongoing guarantee by us; the impact of Value City and Filene's Basement on our liquidity; disruption of DSW's distribution and fulfillment operations; our dependence on DSW for key services; failure to retain DSW's or our key executives or attract qualified new personnel; DSW's competitiveness with respect to style, price, brand availability and customer service; DSW's reliance on "DSW Rewards" program to drive traffic, sales and loyalty; uncertain general economic conditions; risks inherent to international trade with countries that are major manufacturers of footwear; lease of an office facility; risks related to our cash and investments; and risks related to our Premium Income Exchangeable Securities. Additional factors that could cause our actual results to differ materially from our expectations are described in the Company's latest annual or quarterly report, as filed with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made.  The Company undertakes no obligation to revise the forward-looking statements included in this press release to reflect any future events or circumstances.

SOURCE Retail Ventures, Inc.