Trans World Q1 Down
May 22, 2008 at 6:13 AM (PT)
TRANS WORLD ENTERTAINMENT announced total sales for the first quarter ended MAY 3rd, decreased 19% to $232.6 million, compared to $286.3 million in the first quarter of 2007. Comparable store sales in the first quarter of 2008 decreased 6%. For the first quarter of 2008, the loss before income taxes was $11.7 million compared to a loss before income taxes of $15.8 million for the same period last year. For the first quarter of 2008, the net loss was $11.8 million, or $0.38 per share compared to a net loss of $9.1 million, or $0.29 per share for the same period last year.
"Overall retail sales were weak in the first quarter. While comp sales in music continued to decline, we experienced increases in video, video games and our other category which includes electronics, accessories and trend," said Chairman/CEO ROBERT J. HIGGINS.