Entertainment retailer Trans World reported on Thursday a net loss of $11.4 million in its first fiscal quarter ending May 1, 2010, a slight improvement over its $13.7 million loss in the same period last year. During the earnings call, CFO John Sullivan said Trans World closed 18 stores and acquired five value music stores during the most recent quarter.

Shares of Trans World dropped 7.5% on Thursday and were flat in midday trading on Friday. Total sales dropped 18% to $156.5 million. Comp store sales declined 3% -- the company operated 23% fewer stores than in the first fiscal quarter of 2009.

Music sales were down 1% on a comp basis. One encouraging sign was a 20% increase in sales for the Top 50 titles. The music category accounted for 36% of the company’s revenues, the same share as in the first fiscal quarter of 2009. The video game category fell 36% as the company stopped selling the product in over 200 stores.

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