Trans World Entertainment Narrows Q1 Loss
19 May, 2011 By: Erik Gruenwedel
Strong catalog disc sales offset soft new-release slate
Trans World Entertainment May 19 reported a first-quarter (ended April 30) net loss of $2.5 million, compared with a net loss of $11.4 million during the same period a year ago.
Albany, N.Y.-based Trans World, which operates more than 440 f.y.e. (For Your Entertainment) and Second Spin retail stores nationally, cited tough comparisons with last year’s new releases Avatar and The Twilight Saga: New Moon for a 5% drop in same-store video sales.
In an analyst call, CEO Robert Higgins said the chain has maintained packaged media sales due to competitors scaling back shelf space devoted to packaged media.
“We think we are benefiting from that,” Higgins said.
Video sales represented 42% of overall revenue, compared with 45% last year.
Music revenue, which represented 37% of total sales (compared with 36% last year) declined 3%, despite a 3% increase in same-store sales. Music CD sales dropped 6%.
Trans World saw a surge in trend and comp revenue, up to 16% of overall business, driven by sales of Justin Bieber-related merchandise.
For the quarter, total sales decreased 16% to $131.5 million, compared with $156.5 million in 2010. Same-store sales decreased 2% based on the company operating an average of 451 stores in the quarter compared with 548 stores last year, a 17.7% decline.
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