Trans World Entertainment CEO Discusses Q3 2010 Results – Earnings Call Transcript
On a square foot basis, this was $76 a foot versus $83 last year. We continue to focus 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 one store and we ended the quarter with 533 stores in operation and square feet totaling 3.6 million versus last year's 690 stores and square feet totaling 4.5 million. I will now turn it back to Bob to complete our comments.
Thank you John. We are well positioned for the all important holiday season. The line-up of new releases in music is stronger this year than last and we expect Blue Ray sales to drive the video category. We have created a stronger value statement to drive additional traffic across the lease line and improve conversion rates. Our associates continue to offer best-of-class customer service to compliment the broadest selection of music and video product available in any national retail chain.
In this challenging time we’re effectively managing our working capital as evidenced by our inventory position at the end of the third quarter, and our lower borrowings under our credit facility. We’re also keeping our capital expenditures below $5 million for the year. Despite the sales decline during the third quarter, we’re able to reduce our EBITA loss versus last year, to improve gross margin and control of expenses and our balance sheet remains strong.I would like to thank our associates for their commitment to the company and our vendors for their continued support. We look forward to maximizing our financial results in the fourth quarter and I would now like to open up the call for questions. Question-and-Answer Session Operator Thank you ladies and - Bob Higgins Yes if you could open up the call I would appreciate it. Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV