Trans World Entertainment Corporation (
Q1 2011 Earnings Call
May 19, 2011 10:00 am ET
Bob Higgins – Chairman and CEO
Mike Honeyman – President and COO
John Sullivan – CFO
Brandon McMillan – Centurion Investment
Good day, ladies and gentlemen. Welcome to the Trans World Entertainment First Quarter 2011 Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. (Operator Instructions)
As a reminder, this conference call is being recorded. I would like to introduce your host for today’s call, Mr. Bob Higgins, Chairman and CEO. Sir, you may begin.
Thank you, Duranda [ph]. Good morning. On the call with me today is Mike Honeyman, our President and Chief Operating Officer; and John Sullivan, our Chief Financial Officer. Thank you for joining us as we discuss our first quarter results. We’ll take questions following our comments.
During the quarter, we achieved positive EBITDA, which marked our best first quarter EBITDA performance since 2005. During the fourth quarter of last year, which is our highest volume sales quarter, we improved EBITDA year-over-year by $11 million. I’m pleased to report that we followed that performance by improving this year’s EBITDA by $7.8 million to be a positive EBITDA of $36,000, compared to an EBITDA loss of $7.8 million last year.
Total sales in the first quarter decreased 16% to $131.5 million as we operated 18% fewer stores. Comp store sales decreased 2% compared to last year.