Trans World Has A Bad Holiday
January 7, 2009 at 5:20 AM (PT)
TRANS WORLD ENTERTAINMENT CORPORATION has reported a comparable store sales decrease of 14% for the nine-week period ended JANUARY 3, 2009. For the five-week period ended JANUARY 3, 2009, comparable store sales decreased 12%. Total sales for the nine-week period were $287 million compared to $378 million for the same period last year, a decrease of 24%. Total sales for the five-week period decreased 22% to $206 million compared to $264 million for the same period last year. During the nine-week period, the Company operated an average of 18% fewer stores than last year.
"Sales for the holiday season were well below our expectations," commented Chairman/CEO ROBERT J. HIGGINS. "With this season's holiday sales being lower than our expectations, we now anticipate EBITDA for the fourth quarter of $15 to $20 million with an annual EBITDA loss for fiscal 2008 in the range of $20 to $25 million, compared to our previously issued annual guidance of $10 to $15 million."