Trans World's Comps Drop 5%

ALBANY, NY-Trans World Entertainment, the parent company of mall-based f.y.e. and other music store chains, posted a same-store sales drop of 5% year-over-year during its Q2, which ended July 30. The retailer also reported a net loss of $7 million.

“The first six months [of 2005] have been difficult for the industry and our company,” said Robert Higgins, the company’s chairman and CEO, during a conference call. “We look forward to the second half of the year.”

Higgins blamed the results on a slowdown in the sales of music, videos and video games. The company has experienced similar droughts and will bounce back, he stressed.