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 SessionOperatorThank you ladies and -Bob HigginsYes if you could open up the call I would appreciate it.Read the rest of this transcript for free on seekingalpha.com
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