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EXHIBIT 99 (a)
VALUE CITY DEPARTMENT STORES, INC. REPORTS OCTOBER SALES AND
THIRD QUARTER ESTIMATED RESULTS
Columbus, Ohio --/ Nov. 3/PR Newswire/-- Value City Department Stores, Inc.
(NYSE:VCD) today announced that total sales for the four weeks ended October 28,
2000 increased 5.3% to $146.8 million from $139.4 million reported in the
comparable year earlier period. Same store sales decreased 9.8%.
Sales for the 39 weeks ended October 28, 2000 increased 19.8% to
$1,387.6 million from $1,158.6 million in the comparable year-earlier period.
Same store sales increased 1.6%.
The above figures exclude sales of the Filene's Basement Stores
acquired effective March 17, 2000. Sales for these stores, excluding licensed
departments, totaled $23.3 million for the four weeks ended October 28, 2000 and
$162.6 million for the period March 17, 2000 through October 28, 2000.
The Company also announced today that it plans to take non-recurring
pre-tax charges of about $110 million in the third and fourth quarters of fiscal
2000. The charges, consisting principally of inventory realignment, severance
and asset impairment costs, are expected to impact third and fourth quarter
results by approximately $1.91 per share.
The Company now expects the third quarter loss to be in the range of
$2.30 to $2.45 per share due to the above mentioned charges,
lower-than-anticipated sales, above plan markdowns and higher promotional
expenses.
Value City Department Stores, Inc. is a leading off-price retailer
currently operating 120 full-line department stores in the Midwest, mid-Atlantic
and southeastern U.S., 19 Filene's Basement Stores, including its first
Columbus, Ohio store that opened yesterday and 71 better-branded DSW Shoe
Warehouse Stores in major metropolitan areas throughout the country.
The Company cautions that members of management may make certain
forward-looking statements based upon the Company's current expectations or
beliefs. We caution investors that our actual results may differ materially from
our current expectations and beliefs based on the risk factors described in the
reports we file with the SEC.
SOURCE: Value City Department Stores, Inc.
/Contact: Bob Wysinski of Value City Department Stores, Inc.
(614) 478-2242
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