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Trans World Entertainment CEO Discusses Q4 2010 Results - Earnings Call Transcript

Trans World Entertainment Corporation ( TWMC)

Q4 2010 Earnings Call

March 3, 2011 10:00 AM ET

Executives

Bob Higgins – Chairman and CEO

John Sullivan – EVP, CFO and Secretary

Analysts

William Myers – Miller Asset Management

Presentation

Operator

Good day ladies and gentlemen, and welcome to Trans World Entertainment Fourth 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 call is being recorded.

I would now like to turn the conference over to your host today, Bob Higgins, Chairman and CEO of Trans World Entertainment. Please begin.

Bob Higgins

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 share our 2010 results.

Our January business had a little impact on the comp sales, results we reported in our holiday sales press release. Fourth quarter comp store sales were down 6%. By category, our fourth quarter comp sales were flat in video and down 5% in music. However, I would like to point out that both categories outperformed the industry. The video game comp sales decreased 38% during the fourth quarter. As of year-end, a 127 of our stores carried games.

During last year’s fourth quarter, we were liquidating games in over 200 stores. Our other categories which include electronic, accessories, and trend were down 6% for the quarter. Positive comp sales in electronics were offset by declines in accessories and trend. For the fiscal year of 2010, total sales were $652 million and comp store sales decreased 4%. For the year, our comp sales in the video category were up 1% and represented 44% of our total business versus 42% in 2009.

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