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Trans World Entertainment swings to profit in fiscal Q1

Trans World Entertainment Corp. said its normalized net income for the fiscal first quarter ended May 2 came to $148,750, compared with a loss of $211,880 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 0.2% from negative 0.2% in the year-earlier period.

Total revenue fell 10.6% on an annual basis to $78.0 million from $87.2 million, and total operating expenses declined 11.2% from the prior-year period to $77.3 million from $87.1 million.

Reported net income totaled $313,710, or 1 cents per share, compared to a loss of $320,890, or a loss of 1 cents per share, in the prior-year period.