Trans World Entertainment Corporation (TWMC)
Q1 2012 Results Earnings Call
May 17, 2012 10:00 AM ET
Bob Higgins – Chairman and CEO
Mike Honeyman – President and COO
Tom Seaver – Chief Financial Officer
Harsha Gowda – Blue Shore
Bill Meyers – Miller Asset Management
Good day, ladies and gentlemen. And welcome to the Trans World Entertainment First Quarter 2012 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 call is being recorded. I would now like to turn the conference over to your host, 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 Tom Seaver, our Chief Financial Officer.
Thank you for joining us as we discuss our first quarter results. I’m pleased to announce that for the first quarter, our comparable store sales increased 1%. The comp sales increase coupled with a continued improvement in our gross margin rate and reduced SG&A expenses help drive our ninth consecutive quarter of improved operating results.
For the first quarter, our bottom line improved by $5.3 million to a net income of $2.8 million from a loss -- a net loss of $2.5 million in the first quarter of 2011. Total sales for the quarter decreased 15%, compared to last year’s first quarter to $112 million, as our average stores in operation also declined by 15%.