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Comparable store sales increase 2.5% for December
Strongest holiday comparable store sales in over ten years
ALBANY, N.Y., Jan. 07, 2016 (GLOBE NEWSWIRE) -- Trans World Entertainment Corporation (NASDAQ:TWMC) today reported comparable store sales for the December five-week period ended January 2, 2016 increased 2.5%. Comparable store sales for the nine-week holiday selling season ended January 2, 2016 increased 0.6%. Total sales for the nine-week period were $100 million compared to $104 million for the same period last year, a decrease of 3.9%. For the nine-week period, average square footage in operation declined 6.9% as compared to last year.
“Strategic investments we have made to our product assortments, inventory mix and the presentation in our stores drove December comparable store sales in our trend and electronic categories up 35% and they contributed 46% to our total sales versus 34% last year. In addition, the performance of our 10 new and remodeled stores are exceeding our expectations,” commented Mike Feurer, Company CEO. “Our customers continue to react positively as we work to deliver our vision of becoming the most compelling entertainment and pop culture centric engagement in the marketplace with a commitment to approach every customer with gratitude, humility and respect,” Mr. Feurer added.
Trans World Entertainment is a leading specialty retailer of entertainment and pop culture centric products, including video, trend, music, electronics and related products. The Company operates retail stores in the United States, the District of Columbia, and Puerto Rico, primarily under the names f.y.e. for your entertainment and Suncoast and on the web at www.fye.com and www.secondspin.com.
Certain statements in this release set forth management's intentions, plans, beliefs, expectations or predictions of the future based on current facts and analyses. Actual results may differ materially from those indicated in such statements. Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the Securities and Exchange Commission.
Contact: Trans World Entertainment John Anderson Chief Financial Officer (518) 452-1242 Contact: Financial Relations Board Marilynn Meek ([email protected]) (212) 827-3773
