TWE cuts quarterly losses

ALBANY, N.Y. — Trans World Entertainment reported a 78% improvement in net loss to $2.5 million, or 8 cents per share, for the first quarter as compared with a net loss of $11.4 million or 36 cents per share for the same period last year.

For the first quarter, total sales decreased 16% to $131.5 million compared with $156.5 million in 2010. Comparable-store sales for the quarter decreased 2%. During the quarter, the company operated an average of 451 stores compared with 548 stores last year, a 17.7% decline.