Trans World Entertainment Narrows Q3 Loss17 Nov, 2011 By: Erik Gruenwedel
Trans World Entertainment Corp. Nov. 17 reported a third-quarter (ended Oct. 29) net loss of $4.5 million, down 72% from a net loss of $16.1 million during the previous-year period.
Albany, N.Y.-based Trans World said revenue reached $110 million, down 15% from revenue of nearly $129 million last year. The company operated 439 stores in the quarter, which includes the f.y.e. (For Your Entertainment) retail chain, Second Spin trade-in packaged media stores and related websites. It operated 533 stores last year.
Same-store sales were unchanged from a year ago.
Specifically, same-store video comps, which include DVD and Blu-ray Disc movies, decreased 2%. Top sellers included Bridesmaids, Thor, X-Men: First Class and the Blu-ray release of Star Wars: The Complete Saga. Video represented 42% of total sales, compared with 44% last year.
“The third quarter marked our seventh consecutive quarter of improved operating results,” CEO Robert Higgins said in a statement. “The flat comp demonstrates our ability to offset declines in video and music, with strong comp increases in our emerging categories of electronics and trend.”