NEW YORK — Inventory clearance and higher costs pushed Value City Department Stores Inc. to a wider loss in the second quarter even as net and same-store sales improved significantly.
For the three months ended Aug. 2, the off-price operator of the Value City, Filene’s Basement and Discount Shoe Warehouse nameplates reported a net loss of $3.6 million, or 11 cents a diluted share, which was 1 cent greater than the Wall Street consensus estimate. By comparison, last year the firm had a loss of $726,000, or 2 cents.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"