Trans World Entertainment (TWMC) Reports Q1 Loss of $0.22 on Revenues of $96.6M

Trans World Entertainment (NASDAQ: TWMC) reported Q1 EPS of ($0.22). Revenue for the quarter came in at $96.6 million, versus $0 reported last year.

“We continue to see sales growth in the etailz segment as we enhance our proprietary technology to improve our predictive analytics, product identification and generate new vendor leads. We are aggressively investing in technology enhancements and initiatives to drive future growth. In the fye segment, although in the midst of continued structural and external challenges, we are focused on efforts to differentiate our entertainment merchandise towards creating a unique specialty retailing experience of choice for families and fans of popular culture and fun. As we work through the assortment changes needed to stabilize the fye business, we have maintained focus on the balance sheet, ending the quarter with cash and cash equivalents of $15 million and no debt. Consolidated inventory levels were reduced $17 million,” commented Mike Feurer, Chief Executive Officer.

First Quarter Overview - Consolidated

• Total revenue decreased 5.3% to $96.6 million compared to $102.0 million in the first quarter of fiscal 2017.
• Net loss was $8.1 million, or $0.22 per diluted share, for the 13 weeks ended May 5, 2018, compared to net income of $3.5 million, or $0.10 per diluted share, for the same period last year. During the first quarter last year, the Company recorded an $8.8 million or $0.24 per diluted share, gain on insurance proceeds for corporate owned life insurance policies on the former Chairman.
• Loss from operations was $8.2 million compared to a loss of $5.2 million for the first quarter of fiscal 2017.
• Adjusted EBITDA (a non-GAAP measure) was a loss of $4.8 million compared to a loss of $1.1 million for the first quarter of fiscal 2017 (see note 1).
• Cash and cash equivalents as of May 5, 2018 was $14.5 million, compared to $15.8 million as of April 29, 2017.
• Inventory, including $26.5 million from etailz, was $110.7 million at the end of first quarter of 2018. Inventory at the end of first quarter of 2017 was $127.5 million and included $23.3 million of inventory from etailz.

For earnings history and earnings-related data on Trans World Entertainment (TWMC) click here.

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