Trans World Expects Wider Than Expected Third-Quarter Loss11 Oct, 2001 By: Hive News
Albany, N.Y.-based music and video retailer Trans World Entertainment Corp. said Thursday that it expects to report a wider than anticipated net loss for the third fiscal quarter of 2001 -- a net loss of between $.25 and $.30 per share -- with comparable store sales approximately the same as last year's third fiscal quarter.
According to a Trans World press release, the results reflect a difficult retail environment and a slowdown in sales after the Sept. 11 tragedies.
"Our third-quarter comparable-store sales had been trending positively prior to the tragic events of Sept. 11, and we are seeing a stabilizing of sales in October. We remain optimistic in our ability to report positive comparable store sales growth for the fourth quarter," said Robert J. Higgins, chairman and c.e.o. of Trans World.
In addition, the company noted continued progress in the roll-out of the FYE brand and eWorks technology initiative in Trans World's730 mall-based specialty stores and its Web site. This roll-out is expected to be accretive to 2002 net earnings.
Trans World Entertainment's mall locations include FYE, Camelot, Record Town, TheWall, Disc Jockey and Saturday Matinee. Freestanding locations includeCoconuts Music and Movies, Strawberries Music, Spec's and Planet Music.