RUMOR MILL
Thursday, August 10, 2000
SITTING ON TOP OF
THE TRANS WORLD
Great numbers, but Wall Street still won't come to the party
Trans World Entertainment (www.twec.com) announced increases in total sales, net income and comparable store sales in the second fiscal quarter of 2000. Total sales for the quarter were $285.5 million, up from $277.3 million. Net income rose to $6.7 million, or $0.14 per share, compared to last year's $5.7 million. Comp store sales were also up 2%.
Naturally, Wall Street took no notice, dropping the stock 5.25% yesterday, and another 7.67% today, closing at $10 5/32.
Said Chairman/CEO Robert Higgins: "Our second quarter results reflect our commitment to deliver continued growth and profitability." Sales for the 26-week period that ended July 29, 2000 were $595.6 million, compared to $564.3 million for the same period last year. Net income for that same span was a solid $15.7 million instead of a $2.9 million net loss.
Obviously not enough red ink to draw the attention of Wall Street.
