Trans World Entertainment lost $9.2 million, or 29 cents per share, on sales of $286.3 million in its first fiscal quarter ended May 5. That’s versus the $7.1 million, or 23 cents per share the company lost last year, when sales were $288.5 million in its fiscal first quarter, which ended April 29.
The company attributed the loss to a 10% comparable-store decrease, which was fueled mainly by eroding music sales.
In a statment, Trans World chairman and CEO Bob Higgins said, “Our first-quarter sales remained difficult, while positive comparable stores’ sales in DVD, electronics, accessories and boutique could not offset worsening music results.”
The company’s shares dropped 29 cents on the news, finishing May 24 trading at $4.76.