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Trans World Entertainment Announces Fourth Quarter And Annual Results
Comparable store sales for the fourth quarter were down 3% compared to the same quarter last year. Total sales for the fourth quarter decreased 15% to $163.4 million compared to $193.1 million in 2011. During the fourth quarter, the Company operated an average of 373 stores compared to 427 stores last year, a 13% decline. Gross profit for the fourth quarter was $59.8 million, or 36.6% of sales, as compared to $69.2 million, or 35.8%, of sales for the fourth quarter last year. Selling, general and administrative expenses ("SG&A expenses") decreased 9% for the fourth quarter to $45.9 million compared to $50.5 million for the fourth quarter last year. As a percentage of sales, SG&A expenses were 28.1% in the fourth quarter compared to 26.2% for the fourth quarter last year. For Fiscal 2012, comparable store sales were down 1% as compared to Fiscal 2011. Total sales for Fiscal 2012 decreased 15% to $458.5 million, compared to $542.6 million for Fiscal 2011. During Fiscal 2012, the Company operated an average of 378 stores compared to 439 stores in Fiscal 2011, a 14% decline. Gross profit for Fiscal 2012 was $172.1 million, or 37.5% of sales, compared to $198.2 million, or 36.5%, of sales for Fiscal 2011. For Fiscal 2012, SG&A expenses decreased 17% to $154.8 million compared to $186.7 million in Fiscal 2011. As a percentage of sales, SG&A expenses improved by 60 basis points to 33.8% from 34.4% for the same period last year. Inventory was $155.4 million at the end of Fiscal 2012, versus $191.3 million at the end of Fiscal 2011, a reduction of 19%. Cash on hand at the end of Fiscal 2012 was $133.0 million, compared to $88.5 million at the end of Fiscal 2011. The Company did not require any borrowings under its line of credit at any point during Fiscal 2012 and Fiscal 2011. "Our strong financial position provides us many options to enhance shareholder value. In fact, our Board gave careful consideration to and decided to pay a $15 million special cash dividend to return value to shareholders during the fourth quarter, which was the first dividend in the Company's history. The Board will continue to monitor the Company's financial needs and resources and will consider all options to enhance shareholder value," said Bob Higgins, Chairman and Chief Executive Officer. Trans World Entertainment is a leading specialty retailer of entertainment products, including video, music, trend, electronics, video games 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, www.wherehouse.com, and www.secondspin.com.
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