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, or 63 cents per share, from $13.1 million, or 22 cents per share, a year earlier. Adjusted to exclude certain items, that result came in at a loss of $4.4 million, or 9 cents per share.
Analysts expected profit of 1 cent per share, according to Thomson Financial.
Total sales edged up to $466.3 million from $465.8 million last year. Sales at stores open at least a year _ a closely watched metric known as same-store sales _ fell 4.3 percent.
Filene's basement saw sales slide to $100 million from $108.8 million. DSW boosted sales to $366.3 million from $357 million.
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