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Trans World Entertainment swings to loss in fiscal Q1

Trans World Entertainment Corp. said its normalized net income for the fiscal first quarter ended May 3 was a loss of $211,880, compared with income of $1.0 million in the year-earlier period.

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

The normalized profit margin dropped to negative 0.2% from 1.1% in the year-earlier period.

Total revenue fell 7.2% on an annual basis to $87.2 million from $93.9 million, and total operating expenses decreased 5.2% year over year to $87.1 million from $91.8 million.

Reported net income totaled a loss of $320,890, or a loss of 1 cents per share, compared to income of $1.6 million, or 5 cents per share, in the year-earlier period.