Retail Ventures 1Q Profit Surges

Columbus, Ohio Retail Ventures Inc., which operates DSW shoe stores and Filene's Basement clothing stores, said fiscal first-quarter profit surged from a year ago when discontinued operations and a higher tax bill cut into earnings.

Net income in the three months ended May 3 ballooned to $29.2 million, or 56 cents per share, from $2.7 million, or 5 cents per share, a year ago.

Profit from businesses that are still being operated more than doubled to $32.8 million, from $13.1 million a year earlier. Adjusted to exclude certain items, that result came in at a loss of $4.4 million.

Total sales edged up to $466.3 million from $465.8 million last year. Same-store sales fell 4.3%.

Filene's basement saw sales slide to $100 million from $108.8 million. DSW boosted sales to $366.3 million from $357 million.