Trans World Entertainment continues to struggle, posting a $15.8 million net loss, or 50 cents per diluted share, on $135.8 million in sales for its fiscal second quarter ended July 31.

That slightly narrower than the $17.8 million loss, or 57 cents per share, the company produced in the corresponding period of the prior year when sales were $165.7 million. The 18% drop in sales is largely attributed to store closures as the chain finished the current period with 534 stores, down from 697 in the year-earlier period. Comparable-store sales were down 2%.

For the 26-week period, Trans World has lost $27.2 million, or 87 cents per share, on sales of $202.3 million. Again, that loss is narrower than the corresponding period last year, when it had $31.5 million in red ink, or $1 per share, on sales of $357.2 million.

At the end of the period, the company had no borrowings outstanding on its credit facility and had a cash balance of $10.5 million, versus the $28.3 million that was outstanding from its credit facility at the end of the earlier corresponding period, when its cash balance stood at $7.1 million.

For the quarter, music comparable-store sales were down 3%, Trans World chairman and CEO Bob Higgins said in a conference call to analyst, according to a Seeking Alpha transcript.

Later, in response to a question on music strategies, Higgins confirmed that on Aug. 15, the chain had rolled out its revamped $9.99 pricing strategy, expanding it from about 100 stores to 250 outlets.

Video sales posted a 2% comparable-store increase, while the portable electronic and trends category generated a 3% increase for the quarter, according to executive VP John Sullivan.

"With our strategies we are implementing during the third quarter, the comp trend in music should continue to improve," Higgins said. "The initiative we implemented for these two categories [music and video] have helped stabilize our sales and increase our market share despite operating 18% fewer stores than last year."

After Trans World released its financial results, its share priced dropped 17 cents to $1.57 by the close of trading on Aug. 19. It closed up 9 cents to $1.66 on Friday.