On June 11, Retail Ventures
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An increase in sales at both Filene's Basement and DSW was partially offset by a sales drop at Value City, creating a slight overall improvement of 4.5%.
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Comparable sales fell 5.2%, because the company's sales growth was generated by opening new store locations, rather than by increasing demand at existing stores.
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A $12.5 million non-cash investment gain from derivative instruments was recorded on the income statement. Excluding this gain, the company would have recorded a loss of $0.21 per share for the quarter.
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(Figures in millions, except per-share data.)
Income Statement Highlights
|
Q1 2007 |
Q1 2006 |
Change |
|
|---|---|---|---|
|
Sales |
$754.1 |
$721.5 |
4.5% |
|
Net Profit |
$2.7 |
($64.9) |
N/A |
|
EPS |
$0.05 |
($1.58) |
N/A |
|
Diluted Shares |
59.4 |
41.1 |
44.6% |
Get back to basics with the income statement.
Margin Checkup
|
Q1 2007 |
Q1 2006 |
Change* |
|
|---|---|---|---|
|
Gross Margin |
40.3% |
40.3% |
0.0 |
|
Operating Margin |
3.7% |
(7.0%) |
10.7 |
|
Net Margin |
0.4% |
(9.0%) |
9.4 |
Margins are the earnings engine.
Balance Sheet Highlights
|
Assets |
Q1 2007 |
Q1 2006 |
Change |
|---|---|---|---|
|
Cash + ST Invest. |
$267.9 |
$204.6 |
31.0% |
|
Accounts Rec. |
$23.5 |
$16.1 |
45.6% |
|
Inventory |
$578.5 |
$541.7 |
6.8% |
|
Liabilities |
Q1 2007 |
Q1 2006 |
Change |
|---|---|---|---|
|
Accounts Payable |
$258.4 |
$274.8 |
(6.0%) |
|
Long-Term Debt |
$276.0 |
$181.3 |
52.2% |
The balance sheet reflects the company's health.
Cash Flow Highlights
|
2007 |
2006 |
Change |
|
|---|---|---|---|
|
Capital Expenditures |
$25.1 |
$5.5 |
359.0% |
Free cash flow is a Fool's best friend.
Related Foolishness:
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