Trans World, the owner of last-music-chain-standing FYE, has announced its fourth-quarter results for 2007, and they aren’t pretty: “For the fourth quarter, total sales decreased 23% to $451.5 million compared to $586.7 million in 2006. Comparable store sales for the quarter decreased 12%. …. For fiscal year 2007, total sales decreased 14% to $1.266 billion compared to $1.471 billion in 2006. Comparable store sales for fiscal year 2007 decreased 8%.” Sure, both the fourth quarter of 2007 and the year as a whole had one less week than their counterparts, but that doesn’t really make up all of that shortfall. [Official release via Coolfer]
Who even shops at FYE?
I figured the Best Buys and Targets of the world claimed the business of the non-discerning music shopper who once frequented The Wall and Tower Records.
So their experiment (at least in one town around here) of owning two stores across the street from one another didn’t work? Quelle surprise…