Wednesday, a retailer of entertainment products, Trans World Entertainment Corp. (TWMC) said comparable store sales for nine-week period ended January 3, 2009 decreased 14%, hurt by lower-than-expected sales for the holiday season.
The Albany, New York- based company's total sales for the period dropped 24% to $287 million from $378 million in the same period last year. Average number of stores in operation during the nine-week period declined by 18% compared with the same period last year.
Comparable stores sales for five-week period ended January 3, 2009 declined 12%. Total sales for the five-week period slid 22% to $206 million from $264 million in the same period last year.
Comparable store sales for the eleven-month period ended January 3 decreased 11%. Total sales for the period declined 22% to $928 million from $1.19 billion last year. During the period, average number of stores in operation dropped 18% from the corresponding period last year.
Considering the seasons holiday sales being lower than expectations, the company now anticipates EBITDA for the fourth quarter of $15 million - $20 million. EBITDA loss for fiscal 2008 is projected to be within a range of $20 million - $25 million, higher than previously issued forecast of $10 million - $15 million.
TWMC closed Tuesday's trading at $1.31 at the Nasdaq.
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