Trans World Entertainment Announces First Quarter Results
ALBANY, N.Y., May 16 /PRNewswire/ -- Trans World Entertainment Corporation (Nasdaq: TWMC) today announced total sales of $309 million for its first quarter ended May 5, 2001, compared to $310 million for the same period last year. The net loss for the quarter was $2.1 million, or $0.05 per diluted share, compared to net income of $8.9 million, or $0.18 per diluted share, in the comparable quarter of 2000.
As disclosed in the May 3 earnings guidance announcement, comparable store sales in the first quarter of 2001 decreased 5%, as compared to an 8% increase last year. Gross profit for the first quarter was 33.4% of sales, compared to last year's 35.7% of sales. Selling, general and administrative expenses increased to 31.4% of sales as compared to 28.7% in the first quarter last year.
"As reported earlier, the first quarter was challenging, up against a strong first quarter last year. However, we anticipate stronger sales growth beginning in June when the new releases will be stronger than last year," commented Robert J. Higgins, Trans World's Chairman and Chief Executive Officer. "The re-branding of our mall stores and our eWorks initiative are progressing as expected and will position us well to enhance our long term growth and profitability." |
