Trans World Slows Losses14 May, 2003 By: Joan Villa
Music-video combo chain Trans World Entertainment narrowed its net loss in the first quarter to $5.1 million from a net loss of $18.9 million in the year-ago period on a 2 percent decline in total sales to $273.4 million.
The retailer stemmed a downward trend in comp-store music sales, which improved to a negative 4 percent during the quarter from a negative 14 percent in 2002, observed Trans World chairman and CEO Robert J. Higgins.
"We were pleased with our results for the quarter as we see a positive response to the continued building of the FYE [For Your Entertainment] brand and an increase in the consumer awareness of the recently installed listening and viewing stations,” he said.
Other categories beyond music also showed “solid gains,” Higgins added, “benefiting from marketing our stores as a total entertainment retailer."
The chain reiterated previous expectations for full-year fiscal 2003 earnings in the range of 15 cents to 20 cents per share.
Trans World operates mall locations under the FYE brand and freestanding locations under the names Coconuts Music and Movies, Strawberries Music, Spec's and Planet Music.