Comparable store sales for the first quarter decreased 3.0% compared to the same quarter last year. Total sales for the quarter decreased 10.6% to
Gross profit for the quarter was
Selling, general and administrative (“SG&A”) expenses decreased
Inventory was
During the first quarter, the Company repurchased approximately 88,000 shares of common stock at an average price of
“The quarter was highlighted by a comparable store sales increase of 18% in our emerging trend and electronics categories and a 190 basis point increase in gross margin,” commented
Certain statements in this release set forth management’s intentions, plans, beliefs, expectations or predictions of the future based on current facts and analyses. Actual results may differ materially from those indicated in such statements. Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the
— table to follow —
TRANS WORLD ENTERTAINMENT CORPORATION |
|||||
Financial Results |
|||||
STATEMENTS OF OPERATIONS: |
|||||
(in thousands, except per share data) |
|||||
Fiscal Quarter Ended |
|||||
May 2, |
% to |
May 3, |
% to |
||
2015 |
Sales |
2014 |
Sales |
||
Net sales |
$ 77,963 |
$ 87,216 |
|||
Cost of sales |
47,161 |
60.5% |
54,439 |
62.4% |
|
Gross profit |
30,802 |
39.5% |
32,777 |
37.6% |
|
Selling, general and |
|||||
administrative expenses |
29,162 |
37.4% |
31,851 |
36.5% |
|
Depreciation and amortization |
964 |
1.2% |
782 |
0.9% |
|
Income from operations |
676 |
0.9% |
144 |
0.2% |
|
Interest expense, net |
438 |
0.6% |
483 |
0.6% |
|
Income (Loss) before income taxes |
238 |
0.3% |
(339) |
-0.4% |
|
Income tax expense |
44 |
0.1% |
47 |
0.1% |
|
Net Income (Loss) |
$ 194 |
0.2% |
$ (386) |
-0.5% |
|
Basic Income (Loss) per common share: |
|||||
Basic Income (Loss) per share |
$ 0.01 |
$ (0.01) |
|||
Weighted average number of |
|||||
common shares outstanding – basic |
31,208 |
32,089 |
|||
Diluted Income (Loss) per common share: |
|||||
Diluted Income (Loss) per share |
$ 0.01 |
$ (0.01) |
|||
Weighted average number of |
|||||
common shares outstanding – diluted |
31,371 |
32,089 |
|||
SELECTED BALANCE SHEET CAPTIONS: |
May 2, |
May 3, |
|||
(in thousands, except store data) |
2015 |
2014 |
|||
Cash and cash equivalents |
$ 102,539 |
$ 90,088 |
|||
Merchandise inventory |
121,577 |
140,138 |
|||
Fixed assets, net |
18,026 |
14,944 |
|||
Accounts payable |
44,592 |
46,999 |
|||
Borrowings under line of credit |
– |
– |
|||
Stores in operation |
310 |
333 |
|||
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/trans-world-entertainment-announces-first-quarter-results-300086820.html
SOURCE
Trans World Entertainment, John Anderson, Chief Financial Officer, (518) 452-1242; Financial Relations Board, Marilynn Meek, (