Trans World CEO Discusses Q2 2010 Results - Earnings Call Transcript
We are very focused on managing our working capital needs in relation to the business trends, and continue to maintain a strong financial position. During the quarter, we closed 10 stores and did not open any new stores. We ended the quarter with 534 stores in operation and square feet totalling $3.6 million versus last year’s 697 stores in square feet totalling $4.5 million.
I will now turn it back to Bob to complete our comments.
Thank you John. We made progress in the first half of the year. The video category, which represents 44% of our business, had a 2% comp increase for the first half of the year. The music category, which represents 37% of our business, was down 2% for the first half. With our strategies we are implementing during the third quarter, the comp trend in music should continue to improve. The initiative we implemented for these two categories have helped stabilize our sales and increase our market share despite operating 18% pure stores than last year.In addition, our electronics accessories and trend categories, which represent 14% of our business, had a 3% comp increase in the first half of the year. When excluding games, combined our top three categories representing 95% of the business had a 1% comp increase for the first half of the year. Our number one goal for 2010 is to deliver positive comps. As we move into the second half of the year, especially the fourth quarter, we expect to achieve our goal.Read the rest of this transcript for free on seekingalpha.com
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