Trans World Entertainment Corp (TWMC), a specialty retailer of entertainment products, saw its loss widen to $5.10 million or $0.16 a share for the quarter ended Aug. 02, 2014. In the previous year period, the company disclosed a loss of $2.54 million or $0.08 a share.
Revenue during the second-quarter slipped 10.97 percent to $71.91 million from $80.77 million in the last year period.
Gross margin contracted by 63 basis points over the previous year period to 39 percent. Operating margin for the current period stood at negative 6.36 percent as compared to negative 2.48 percent for the previous year period.
The company disclosed operating loss of $4.57 million, compared with operating loss of $2 million in the last year period.
As on Aug. 02, 2014, the company's cash balance stood at $82.40 million, down 13.49 percent or $12.85 million from Aug. 03, 2013.
''Despite the challenging results for the quarter, we are approaching the second half optimistically as we completed many of our merchandising initiatives which resulted in improved results in July. The Company continues to improve its cash flow from operations through disciplined inventory management and the Company has returned over $20 million to our shareholders over the last 12 months, including the payment of a $16 million special dividend in the first half this year,'' said Robert J. Higgins, chairman and chief executive officer.
Shares of the company declined $0.12 or 3.38 percent to settle at $3.43 on Thursday.