Lifestyle Categories Back to Growth
Posted by Milton Griepp on May 30, 2018 @ 2:30 am CT
Fye sales were down 16.8% for the quarter, almost identical to the 16.4% decline in the company’s Q4 (see "Tough Holiday Quarter for FYE"). Same store sales were down 8.5%, with the rest of the decline due to a reduced store count.
Unlike Q4, when sales of its lifestyle category declined 4%, sales in the lifestyle and electronics categories were up 2.8% in Q1. Those categories now account for 49.5% of sales. Sales declines in music and video dragged won results.
Fye generated a $5.4 million loss for the quarter, worse than the $4.4 million operating loss in the year ago period.
Executives continued to emphasize the chain’s changing product mix in the conference call, with a move toward exclusive merch now in the plans. "Our changing merchandise point of view is based on unique collaborative and exclusive merchandise that will reinforce our credibility with our customers and allows us to connect with our customers more personally with welcomed frequency," Trans World CEO Michael Feurer said (via Seeking Alpha).
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