Trans World Entertainment Corporation (Nasdaq:TWMC) reported financial results for its second quarter ended July 30, 2011. For the second quarter of 2011, the Company reported an $8.5 million or 54% reduction in its net loss to $7.3 million, or $0.23 per share, as compared to a net loss of $15.8 million or $0.50 per share for the same period last year. For the second quarter, total sales decreased 20% to $108.0 million compared to $135.8 million in 2010. Comparable store sales for the quarter decreased 6%. During the quarter, the Company operated an average of 442 stores compared to 538 stores last year, an 18% decline. Gross profit for the quarter was $40.0 million or 37.0% of sales as compared to $45.7 million or 33.7% of sales for the same period last year. The increase in gross profit as a percentage of sales was due to higher margin rates across all product categories and the leveraging of distribution and freight expenses primarily due to the closing of a distribution center in Carson, California last year.

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