Comparable store sales for the quarter were down 1.8% compared to the same quarter last year. Total sales for the quarter decreased 9.2% to
Gross profit for the quarter was
Selling, general and administrative (“SG&A”) expenses decreased 2.9% for the quarter to
For the thirty-nine weeks ended
Gross profit for the thirty-nine weeks ended
For the thirty-nine weeks ended
Cash on hand at the end of the quarter was
During the third quarter the Company repurchased 158,794 shares of common stock at an average price of
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) |
|||||||||
Thirteen Weeks Ended |
Thirty-nine Weeks Ended |
||||||||
November 1, |
% to |
November 2, |
% to |
November 1, |
% to |
November 2, |
% to |
||
2014 |
Sales |
2013 |
Sales |
2014 |
Sales |
2013 |
Sales |
||
Net sales |
$ 72,456 |
$ 79,772 |
$ 231,580 |
$ 254,473 |
|||||
Cost of sales |
43,922 |
60.6% |
49,032 |
61.5% |
142,222 |
61.4% |
155,930 |
61.3% |
|
Gross profit |
28,534 |
39.4% |
30,740 |
38.5% |
89,358 |
38.6% |
98,543 |
38.7% |
|
Selling, general and |
|||||||||
administrative expenses |
31,567 |
43.6% |
32,524 |
40.8% |
95,179 |
41.1% |
98,516 |
38.7% |
|
Depreciation and amortization |
953 |
1.3% |
1,028 |
1.3% |
2,593 |
1.1% |
2,713 |
1.1% |
|
Loss from operations |
(3,986) |
-5.5% |
(2,812) |
-3.6% |
(8,414) |
-3.6% |
(2,686) |
-1.1% |
|
Interest expense, net |
469 |
0.7% |
481 |
0.6% |
1,429 |
0.6% |
1,451 |
0.6% |
|
Loss before income taxes |
(4,455) |
-6.2% |
(3,293) |
-4.2% |
(9,843) |
-4.2% |
(4,137) |
-1.7% |
|
Income tax expense |
21 |
0.0% |
22 |
0.0% |
115 |
0.1% |
119 |
0.0% |
|
Net income (loss) |
$ (4,476) |
-6.2% |
$ (3,315) |
-4.2% |
$ (9,958) |
-4.3% |
$ (4,256) |
-1.7% |
|
Basic Loss per common share: |
|||||||||
Basic Loss per share |
$ (0.14) |
$ (0.10) |
$ (0.31) |
$ (0.13) |
|||||
Weighted average number of |
|||||||||
common shares outstanding – basic |
31,625 |
32,586 |
31,869 |
32,673 |
|||||
Diluted Loss per common share: |
|||||||||
Diluted Loss per share |
$ (0.14) |
$ (0.10) |
$ (0.31) |
$ (0.13) |
|||||
Weighted average number of |
|||||||||
common shares outstanding – diluted |
31,625 |
32,586 |
31,869 |
32,673 |
|||||
SELECTED BALANCE SHEET CAPTIONS: |
November 1, |
November 2, |
|||||||
(in thousands, except store data) |
2014 |
2013 |
|||||||
Cash and cash equivalents |
$ 79,366 |
$ 86,028 |
|||||||
Merchandise inventory |
158,017 |
174,884 |
|||||||
Fixed assets (net) |
16,709 |
12,647 |
|||||||
Accounts payable |
69,335 |
72,971 |
|||||||
Borrowings under line of credit |
– |
– |
|||||||
Long-term capital lease, less current portion |
143 |
1,218 |
|||||||
Stores in operation, end of period |
327 |
360 |
|||||||
Stores in operation, average during the period |
328 |
356 |
SOURCE
Trans World Entertainment – John Anderson, Chief Financial Officer, (518) 452-1242; Financial Relations Board – Marilynn Meek , (), (212) 827-3773