Trans World Entertainment Corporation (
Q3 2010 Earnings Call Transcript
November 18, 2010 10:00 am ET
Bob Higgins – Chairman & CEO
John Sullivan – CFO
Edmond Thomas – Board of Directors
Brandon McMillan – Centurion Investment
William Myers – Miller Asset Management
Good day ladies and gentlemen, and welcome to the Trans World Entertainment third quarter 2010 conference call. At this time, all lines are in a listen-only mode. Later we will conduct a question-and-answer session and instructions will follow at that time. (Operator instructions) as a reminder, this conference is being recorded.
I would now like to turn the conference over to your host for today, Mr. Bob Higgins, Chairman and CEO. Please begin sir.
Thank you, Sean. Good morning everyone. On the call with me today are Mike Honeyman, our President and Chief Operating Officer; and John Sullivan, our Chief Financial Officer. Thank you for joining us today as we discuss our third quarter results, we will take questions following our comments.
Although sales were softer than expected, we managed them improve our financial performance from last year through management of gross margin and expenses. Comp store sales decreased 5%. Total sales in the quarter decreased 20% to $129 million. Our net loss for the third quarter was $16.1 million or $0.51 per share compared to $22.3 million last year or $0.71 per share. Overall the video industry was down 11% our video sales increased 2% on a comp store basis in the third quarter. We managed to increase sales in this category with our broad assortment of titles. Video now represents 44% of our business, up from 41% last year.