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Trans World Entertainment Corp. Reports Operating Results (10-Q)

June 07, 2012 | About:
10qk

10qk

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Trans World Entertainment Corp. (TWMC) filed Quarterly Report for the period ended 2012-04-28.

Trans World Ent has a market cap of $95.9 million; its shares were traded at around $3.0228 with a P/E ratio of 13.3 and P/S ratio of 0.2.

Highlight of Business Operations:

Net sales. Net sales decreased 14.6% during the thirteen weeks ended April 28, 2012, as compared to the same period last year. The decline in sales for the thirteen week period resulted from a decrease in store count of 14.6%. For the thirteen week period comparable stores net sales were up 1% as compared to the same period last year. While the Company believes a meaningful amount of sales from the closed stores was transferred to ongoing stores, there was a reduction of sales resulting from store closings.

Comparable store net sales in the video category increased 6% during the thirteen weeks ended April 28, 2012. The increase for the quarter was driven by the release of Breaking Dawn and a strong performance in our catalog business in both DVD and Blu ray. According to Warner Brothers Home Video, industry sales were down 8% for the quarter. The video category represented 43.7% of total net sales for the thirteen weeks ended April 28, 2012 compared to 42.3% in the comparable quarter last year.

Comparable store net sales in the music category decreased 9% during the thirteen weeks ended April 28, 2012. According to Soundscan, total physical CD unit sales industry-wide were down 10% during the period corresponding to the Companys first fiscal quarter. The music category represented 33.2% of total net sales for the thirteen weeks ended April 28, 2012 compared to 36.7% in the comparable quarter last year.

Comparable store sales in the trend category increased 15% during the thirteen weeks ended April 28, 2012. The increase was driven by expanded product lines and improved selection. Trend product represented 7.9% of total net sales for the thirteen weeks ended April 28, 2012 compared to 7.0% in the comparable quarter last year.

Gross profit decreased 13.4% for the thirteen weeks ended April 28, 2012 as compared to the comparable period last year. The decline in gross profit is due to the decline in net sales. The decline in net sales was partially offset by increases in the gross profit as a percentage of net sales due to higher margin rates in all product categories.

Read the The complete Report

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