Trans World Entertainment Corp (TWMC)
Q1 2010 Earnings Call
May 20, 2010 10:00 a.m. EST
Bob Higgins - Chairman and CEO
John Sullivan - EVP, CFO and Secretary
Good day, ladies and gentlemen, and welcome to the Trans World Entertainment first quarter 2010 conference call. At this time, all participants are in a listen-only mode. Later, we’ll conduct a question-and-answer session with instructions following at that time. (Operator Instructions) As a reminder, this conference is being recorded.
Now, your host for today's conference, Bob Higgins, Chairman and CEO.
Thank you. Good morning, everyone. I'm sorry we're starting a few minutes late. On the call with me today is John Sullivan, our Chief Financial Officer and also with us today is Mike Honeyman, our new President and COO.
Mike brings our company extensive retail leadership with experience at Bernie's TV, Bed Bath and Beyond and Christmas Tree Shops. We're happy to have Mike onboard and look forward to working with him to drive shareholder value.
Thank you for joining us today as we discuss our first quarter results. We'll take questions following our comments. Total sales in the first quarter decreased 18% to $156.5 million as we operated 23% fewer stores. Costs for our sales decreased 3%.
For the quarter the company recorded a net loss of $11.4 million or $0.36 per share compared to a net loss of $13.7 million or $0.44 per share for the same period last year. Our overall quarter one comp decline was 3% driven by a 36% decrease in the video game category which represents 6% of the business.