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Trans World Entertainment's CEO Discusses Q2 2011 Results - Earnings Call Transcript

Trans World Entertainment Corporation ( TWMC)

Q2 2011 Earnings Call

August 18, 2011 10:00 AM ET

Executives

Bob Higgins – Chief Executive Officer

Mike Honeyman – President and COO

John Sullivan – Chief Financial Officer

Analysts

William Myers – Miller Asset Management

Mark Kaufman – Rafferty Capital Market

Presentation

Operator

Good day, ladies and gentlemen. And welcome to Trans World Entertainment Second Quarter 2011 Results 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 be given 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 today, Mr. Bob Higgins, Chief Executive Officer. Please begin.

Bob Higgins

Thank you, Sean. Good morning, everyone. 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 second quarter and first half results.

I’m pleased to announce that our trend of improving results has continued. Our net loss for the second quarter improved $8.5 million to $7.3 million, a 54% improvement over last year. This followed an $8.9 million year-over-year improvement in net loss for the first quarter. Year-to-date, we’ve improved our net loss by $17.4 million or 64%.

Total sales in the second quarter decreased 20% to $108 million as we operated 18% fewer stores. Comp store sales decreased 6%.

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