Retail Ventures Inc.’s second-quarter profits were down sharply as its retailing and investment activities proved less lucrative.
For the three months ended Aug. 2, net income fell 83.3 percent to $17.7 million, or 36 cents a diluted share, from $106.2 million, or $1.81 a share, in the year-ago quarter. Operating profit fell 83.2 percent to $22.1 million from $131 million as the largest component of both figures, increase in the fair value of derivative instruments, dropped to $16.7 million in the most recent quarter from $124.8 million in the 2007 period.
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?"