Gross profit as a percentage of sales for the third quarter of 2009 was 33.9% compared to 33.5% in the third quarter of 2008. SG&A expenses were 17% less than last year and were 44.8% of sales compared to 44.7% last year.
Sales for the thirty-nine week period ended
The Company had
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
TRANS WORLD ENTERTAINMENT CORPORATION
Financial Results
STATEMENTS OF OPERATIONS:
(in millions, except per share data)
Thirteen Weeks Ended
--------------------
October 31, % to November 1, % to
2009 Sales 2008 Sales
---------- ------- ---------- -------
Net sales $161.4 $195.2
Cost of sales 106.8 66.1% 129.8 66.5%
------- ------- ------- -------
Gross profit 54.6 33.9% 65.4 33.5%
Selling, general and
administrative expenses 72.2 44.8% 87.2 44.7%
Depreciation and amortization 3.9 2.4% 5.6 2.8%
------- ------- ------- -------
Loss from operations (21.5) -13.3% (27.4) -14.0%
Interest expense, net 0.7 0.4% 1.1 0.6%
------- ------- ------- -------
Loss before income taxes (22.2) -13.7% (28.5) -14.6%
Income tax expense (benefit) 0.1 0.1% (0.1) 0.0%
------- ------- ------- -------
NET LOSS $(22.3) -13.8% $(28.4) -14.6%
======= ======= ======= =======
Basic and diluted loss per
common share: ------ ------
Basic and diluted loss
per share $(0.71) $(0.91)
======= =======
Weighted average number of
common shares outstanding
- basic and diluted 31.4 31.3
======= =======
STATEMENTS OF OPERATIONS:
(in millions, except per share data)
Thirty-nine Weeks Ended
-----------------------
October 31, % to November 1, % to
2009 Sales 2008 Sales
---------- ------- ---------- -------
Net sales $518.6 $643.0
Cost of sales 339.4 65.5% 418.7 65.1%
------- ------- ------- -------
Gross profit 179.2 34.5% 224.3 34.9%
Selling, general and
administrative expenses 220.0 42.3% 264.6 41.0%
Depreciation and amortization 11.3 2.2% 16.6 2.6%
------- ------- ------- -------
Loss from operations (52.1) -10.0% (56.9) -8.7%
Interest expense, net 2.1 0.4% 3.0 0.5%
------- ------- ------- -------
Loss before income taxes (54.2) -10.4% (59.9) -9.2%
Income tax expense (benefit) (0.4) 0.0% (0.4) 0.0%
------- ------- ------- -------
NET LOSS $(53.8) -10.4% $(59.5) -9.2%
======= ======= ======= =======
Basic and diluted loss per
common share: ------ ------
Basic and diluted loss
per share $(1.72) $(1.91)
======= =======
Weighted average number of
common shares outstanding
- basic and diluted 31.4 31.2
======= =======
SELECTED BALANCE SHEET CAPTIONS: October 31, November 1,
(in millions, except store data) 2009 2008
------------ ------------
Cash and cash equivalents $9.1 $9.1
Merchandise inventory 369.0 468.8
Fixed assets (net) 41.6 68.5
Accounts payable 135.5 193.3
Borrowings under line of credit 55.5 62.1
Long-term debt, less current portion 7.2 9.8
Stores in operation 690 786
SOURCE
Trans World Entertainment
John J. Sullivan, EVP, Chief Financial Officer, +1-518-452-1242
or
Financial Relations Board
Marilynn Meek, +1-212-827-3773