TransWorld Entertainment Corporation (NASDAQ: TWMC) was one of the big losers in Wednesday’s trading session. The stock lost by 29.58% to close the day at $2.20. This came after the company released disappointing Q3 results. The company announced that total revenues in the quarter stood at $69.5 million, a decrease of 24.5% compared to a similar quarter in the last financial year, when it had revenues of $92 million.
The company also announced that, losses from operations increased to $22.9 million compared to a loss of $13.8 million in the previous financial year. Net losses in the quarter stood at $23 million, or an EPS loss of $12.73. This was much higher than the net loss of $14.1 million or $7.74 million per share that it recorded in the same quarter in the last financial year. On top of that, the company recorded an adjusted EBITDA loss of $5.7 million. This was an improvement compared to a loss of $10.7 million in Q3 of the last financial year.
The company also released its consolidated revenues for the 39-weeks that ended on the 2nd of November, and there was a decline. Total revenues in this period dropped by 22.4% to hit $225.6 million compared to $290.8 million in a similar consolidated period in the last financial year.
In the consolidated period, net loss stood at $39.1 million, or an EPS loss of $21.51 compared to $31.7 million, EPS loss of $17.48, in the same consolidated period in the past financial year. On top of that, the company’s borrowing in Q3 of 2019 increased in the quarter from $27.4 million in a similar quarter in the last financial year to $27.8 million in the current financial year.
Looking at the charts, the stock opened trading at $2.85 and traded between $1.90 and $2.85 before closing the day at $2.20.
About Trans World Entertainment Corporation
Trans World Entertainment Corporation is a specialty retailer of entertainment products. It is based in Albany, New York.