Trans World Reports 12% Sales Decline
January 10, 2008 at 5:43 AM (PT)
TRANS WORLD ENTERTAINMENT has reported a comparable store sales decrease of 12% for the nine-week period ended JANUARY 5th. For the five-week period ended JANUARY 5th, comparable store sales decreased 13%.
Total sales for the nine-week period were $378 million compared to $469 million for the same period last year, a decrease of 19%. Total sales for the five-week period decreased 24% to $264 million compared to $348 million for the same period last year. The Company operated 14% fewer stores, on average, during the nine-week period as compared to last year.
"Sales for the holiday season were well below our expectations," commented Chairman/CEO ROBERT J. HIGGINS. "As a result, we expect to report a net loss for fiscal 2007 in a range of $15 to $20 million."