Trans World Entertainment Corp. reported a loss of $4.6 million, or 15 cents per diluted share, on sales of $270 million in its third quarter, which ended Oct. 30.
That narrows the loss of $5.9 million, or 22 cents per diluted share, the company reported in last year’s third quarter, when sales were $268.5 million. The improvement was aided in part by a one-time extraordinary gain of $600,000, or 1 cent per share, related to the company’s acquisition of Wherehouse in October 2003.
During the quarter, Trans World reported a comparable-store sales decline of 2%, due to the music and video categories performing below expectations.
For the nine-month period ended Oct. 30, Trans World reported $7.2 million in net income, or 11 cents per diluted share, on sales of $851.7 million. The company also maintains its earnings projections of 93-98 cents per diluted share for the year.
Trans World released its results this morning before the opening of trading. The company’s stock closed yesterday at $10.85.