Trans World Entertainment Corporation (
Q3 2011 Earnings Call
November 17, 2011 10:00 AM ET
Bob Higgins – Chief Executive Officer
Mike Honeyman – President and COO
John Sullivan – Chief Financial Officer
William Myers – Miller Asset Management
Good day, ladies and gentlemen. And welcome to Trans World Entertainment Third 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, today’s conference is being recorded. I would now like to turn the conference over to your host today, Mr. Bob Higgins, Chairman and CEO. Please begin.
Thank you, Sean. 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 third quarter results.
I’m pleased to announce that for the seventh consecutive quarter, we’ve driven improvement in our operating results. Our net loss for the third quarter improved $11.6 million to $4.5 million, a 72% improvement over last year. This followed a $17.4 million year-over-year improvement in the net loss for the first half. Year-to-date, we’ve improved our net loss by $29 million or 67%.
Total sales in the third quarter decreased 15% to $110 million as our average stores and operations declined 18%. I am very pleased to say that our comp store sales for the quarter were flat to last year.