Retail Ventures dips near 52-week low on Q3 gross profit decline
Retail Ventures, Inc. (NYSE: RVI) shares are falling despite the retail store operator’s announcement after Thursday’s close that it swung to a third-quarter profit of $68.2 million, or $1.20 per share, from a loss of $34.1 million, or $0.72 per share, a year earlier.
For the quarter, the Columbus, Ohio-based company’s non-GAAP net loss was $23.1 million, or $0.48 per share, compared to a loss of $3.5 million, or $0.07 per share, a year earlier.
On an unaudited basis, Retail Ventures’ third-quarter sales rose slightly at $787.8 million, from $787.6 million a year earlier. The firm’s quarterly gross profit declined to $308.8 million, from $315.5 million during the same period of 2006. Same-store sales also decreased 7.3% during the quarter.
In morning trading, RVI shares are down 18.45%, or $1.21, at $5.35. Over the last 52 weeks, shares have ranged from $5.33 to $23.30.
