Trans World Files Quarterly Report. Music Way Down.
Entertainment retailer Trans World filed its 10-Q yesterday, which show its 2007 Q1 earnings. (Download PDF.) Those figures were released last month, and the new filing offers some information that was in the Q1 earnings conference call.
On page 18 we see that music represented 44% of sales in 2007 Q1, as opposed to 52% in 2006 Q1. Music sales dropped 16.7% and sales of the CD format dropped 20.8%. (In the conference call, the COO said comp music sales were down 21%.) Comparable store sales (total) were down a whopping 10.1%. Any way you slice it, Trans World's music story is a bad one.
The company operates over 800 stores under the brands f.y.e., Coconuts and Wherehouse Music.
Music Groups