FYE Retail Stores Lost $50.7 Million in Fiscal Year
June 16, 2020
Home entertainment retail chain For Your Entertainment posted a loss of $50.7 million for the fiscal year ended Feb. 1 — more than double the $24.4 million loss during the previous-year period, according to 10K filing by former corporate parent Trans World Entertainment Corp. The chain generated $193 million in revenue compared with $231 million in the previous year.
The company attributed the 16.5% net sales decline from the prior year due to a 13.8% decline in average stores in operation and a 4.7% decline in comparable store net sales.
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Trans World sold FYE and its 200 store leases in February to U.K.-based Sunrise Records and Entertainment for $10 million in cash.
Sales of DVD/Blu-ray Disc movies dropped 26.4% to $45.9 million, from $62.4 million in 2018. Total net sales for the video category declined 17.8% on a comparable store sales basis. Video sales were negatively impacted by industrywide declines in physical video due to digital retail options, including transactional VOD.
Music sales fell 20.5% to $31.6 million, from $39.7 million. Consumer electronics declined 15.9% to $25.2 million, from $30 million. Trend, which includes collectibles, action figures, posters and T-shirts, saw revenue drop 8.5% to $85.9 million, from $93.8 million.
Sunrise is Canadian.