Trans World Entertainment, the operator of FYE and Suncoast stores, is suffering a down year after having apparently turned around the company just a few years ago (see "Video Chain to Open New Stores"). Its Q3 results, released last week, showed a $4.5 million loss, back up to the levels of its losses back in 2011. The company’s year-to-date loss was $10 million.
Same store sales were down 1.8%, and over-all sales were down 9.2% behind store closings. The company ended the quarter with 327 stores, down from 360 a year ago and from 440 three years ago.
Although sales in most categories were down, “trend” same store sales were up 22%. Packaged media sales were all down. The biggest decline was music, which was down 10%; video sales were down 3%; video games were down 10%. Electronics was the only other up category (up 4%).
TWE is testing a new concept store in Woodbridge Mall, New Jersey with a bigger presence for growth categories.
A new CEO, Michael Feurer, took over top management at TWE about a month ago. Feurer most recently ran the Vanity clothing chain (170 stores), and had a number of senior management roles with apparel retailer Coldwater Creek over the previous decade.
Although 'Trend' Merch Growing
Posted by ICv2 on November 23, 2014 @ 11:30 pm CT
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