ALBANY, N.Y., Jan. 7 /PRNewswire-FirstCall/ — Trans World Entertainment Corporation (Nasdaq: TWMC – News) today reported a comparable store sales decrease of 2% for the five-week period ended January 4, 2003. For the nine-week period ended January 4, 2003, comparable store sales also decreased 2%. Total sales for the nine-week period were $406 million compared to $424 million during the same period last year. The Company operated 889 stores this year compared to 961 stores last year.
Robert J. Higgins, Chairman and Chief Executive Officer, commented, “Like many other retailers, Trans World’s sales were impacted by the general economic environment and a shorter holiday season, however, we were encouraged by our performance. With our LVS technology now fully in place, strong category management and in-stock positions, the company saw significant improvement in our FYE (For Your Entertainment) mall stores. Despite a challenging marketplace, we saw an improvement in the music business compared to the first three quarters of the year, as well as continued positive results in the DVD and video game categories.”
For the eleven-month period ended January 4, 2003, comparable store sales were down 5%. Total sales for the period were $1.204 billion compared to $1.301 billion during the same period last year.
Trans World Entertainment is a leading specialty retailer of music and video products. The Company operates retail stores in 46 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico and an e-commerce site, http://www.fye.com. In addition to its mall locations, operated under the FYE brand, the Company also operates freestanding locations under the names Coconuts Music and Movies, Strawberries Music, Spec’s and Planet Music.
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 Securities and Exchange Commission.
Source: Trans World Entertainment Corporation