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Value City Qtr. Ended Feb. 2, 2002

From: ASAP

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Value City Department Stores, Inc. today announced its consolidated financial results for the fourth quarter ended February 2, 2002.

For the Thirteen Weeks Ended February 2, 2002, Compared to the Fourteen Weeks Ended February 3, 2001:

* Sales for the thirteen-week period ended February 2, 2002 were $632.9 million compared to $662.9 million for the fourteen-week period ended February 3, 2001. Excluding sales from the extra week in the fiscal 2000 period, total sales increased 1.8% compared to the corresponding thirteen-week period last year.

* Comparable store sales decreased 0.9% compared to the same thirteen- week period last year.

* Net loss for the thirteen-week period was $8.7 million, or $0.26 per share on a diluted basis, compared to a net loss of $22.9 million, or $0.67 per share on a diluted basis for the fourteen-week period last year. The thirteen-week period ended February 2, 2002 includes $14.6 million for severance costs, write off of software development costs, DSW warehouse relocation and fees associated with the terminated sale of certain assets. The fourteen-week period ended February 3, 2001 included pretax charges of $19.6 million for inventory realignment, asset impairment and severance costs.

For the Fifty-Two Weeks Ended February 2, 2002, Compared to the Fifty- Three Weeks Ended February 3, 2001:

* Sales for the fifty-two week period ended February 2, 2002 were $2.284 billion compared to $2.213 billion for the fifty-three week period ended February 3, 2001. Excluding sales from the extra week in the fiscal 2000 period, total sales increased 5.2% compared to the corresponding fifty- two week period last year.

* Comparable store sales decreased 2.4% compared to the same fifty-two week period last year.

* Net loss for the fifty-two week period was $28.7 million, or $0.85 per share on a diluted basis, compared to a net loss of $101.8 million, or $3.03 per share on a diluted basis for the fifty-three week period last year. The fifty-two week period ended February 2, 2002 includes approximately $24.7 million for employee benefit costs, severance, write off of software development costs, DSW warehouse relocation and fees associated with the terminated sale of certain assets. The fifty-three week period ended February 3, 2001 included pretax charges of $110.0 million for inventory realignment, asset impairment and severance costs.

Value City Department Stores, Inc. is a leading off-price retailer operating 117 full-line department stores in the Midwest, mid-Atlantic and southeastern U.S., 21 Filene's Basement Stores and 108 better-branded DSW Shoe Warehouse Stores in major metropolitan areas throughout the country.

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