e., the total entertainment destination,
to the greater San Antonio area," commented Robert J.

ASICS, with more than 50 years of footwear manufacturing experience, offers
a full line of performance-driven athletic shoes, technical active sports
apparel and accessories. ASICS also offers a wide variety of
sport accessories, including athletic bags, hydration systems, hats, socks
and kneepads, as well as causal apparel and footwear from the SportStyle
and Onitsuka Tiger lines . The BIG DOGS brand
image is one of quality, value and fun.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of
1995-

This press release contains forward-looking statements that involve risks
and uncertainties.45 $ 0.49 $ 0.

geared hikers

store in San
Antonio , TX. The store also features listening and viewing stations (LVS)
which allows customers to sample any CD in the store and sample movie and game
trailers available from the studios.

Certain statements in this release set forth management's intentions,
plans, beliefs, expectations or predictions of the future based on current
facts and analyses.0%).7 million for the fourth quarter and year 2005 ,
respectively, as compared to $4. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS

Three Months Ended Year Ended
December 31, December 31,
------------------ -------- --------------------------
2005 2004 2005 2004
------------ ------------ ------------ ------------
NET SALES $ 59,420,000 $ 55,739,000 $179,115,000 $161,358,000
COST OF GOODS SOLD 26,809,000 24,799,000 80,311,000 72,733,000
------------ ------------ ------ ------ ------------
GROSS PROFIT 32,611,000 30,940,000 98,804,000 88,625,000
------------ ------------ ------------ ------------
OPERATING EXPENSES:
Selling, marketing
and distribution 22,975,000 21,585,000 80,624,000 73,956,000
General and
administrative 3,395,000 2,516,000 9,631,000 8,060,000
------------ ------------ ------------ ------------
Total operating
expenses 26,370,000 24,101,000 90,255,000 82,016,000
--- --------- ------------ ------------ ------------
INCOME FROM
OPERATIONS 6,241,000 6,839,000 8,549,000 6,609,000
OTHER INCOME - - - 82,000
INTEREST INCOME 2,000 1,000 44,000 26,000
INTEREST EXPENSE (358,000) (238,000) (976,000) (857,000)
--------- --- ------------ ------------ ------------
INCOME BEFORE
PROVISION
FOR INCOME TAXES 5,885,000 6,602,000 7,617,000 5,860,000
PROVISION FOR INCOME
TAXES 2,236,000 2,453,000 2,894,000 2,172,000
------------ ------ ------ ------------ ------------
NET INCOME $ 3,649,000 $ 4,149,000 $ 4,723,000 $ 3,688,000
============ ============ ============ ============
NET INCOME PER SHARE
BASIC $ 0.

accessories walks

offers a broad assortment of music and video merchandise as well as
an extensive selection of games, portable electronics, accessories and
boutique items . Virgin Islands, Puerto Rico and
e-commerce sites, http://www. brand, the Company also
operates freestanding locations under the names Coconuts Music and Movies,
Strawberries Music, Wherehouse , CD World, Spec's, Second Spin and Planet
Music.
(Click here for details)
Since signing with ASICS in January of 2001, Kastor has won an unmatched 11
USATF Championships, two IAAF World Cross Country Championships silver
medals, one Olympic bronze medal, and established five American Records and
one World Record. Consolidated operating expenses were 44. Further information on the Company 's
risk factors is contained in the Company's quarterly and annual reports as
filed with the Securities and Exchange Commission.42
============ ============ ============ ============
DILUTED $ 0.

shoes apparel

"Our new store in the Shops of La
Cantera, will provide the community with the ultimate shopping experience for
the entertainment consumer delivering an expansive catalog , state-of-the-art
in-store technologies and f.coconuts.secondspin.

PRESS RELEASE ASICS Inks New Deal With Deena Kastor

8%, respectively, for 2004.
We also will have approximately 150 Big Dog stores at the end of the year. In addition to its
167 retail stores, Big Dogs markets its products through its catalog and
Internet.

upcoming walker

com, a developer and retailer of
branded, lifestyle consumer products , today reported the financial results
for the fourth quarter and year ended December 31, 2005.4% of
sales for the fourth quarter and year ended 2005, respectively, as compared
to 43. consists of Big Dogs and The Walking Company. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

December 31,
---------------------------
2005 2004
------------ ------ ------

ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 3,530,000 $ 4,670,000
Receivables, net 894 ,000 411,000
Inventories 44,518,000 39,581,000
Prepaid expenses and other current assets 1,046,000 928,000
Deferred income taxes 1,681,000 1,691,000
------------ ------------
Total current assets 51,669,000 47,281 ,000
PROPERTY AND EQUIPMENT, Net 11,931,000 9,956,000
INTANGIBLE ASSETS , Net 4,473,000 172,000
GOODWILL 3,131,000 -
DEFERRED INCOME TAXES 1,187,000 1,042,000
OTHER ASSETS 362,000 380,000
------------ ------------
TOTAL $ 72,753,000 $ 58,831,000
============ ============

LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Short-term borrowings $ 2,796,000 $ 304,000
Current portion of long -term debt 1,775,000 243,000
Accounts payable 7,478,000 5,033,000
Income taxes payable 1,367,000 2,643 ,000
Accrued expenses and other current
liabilities 6 ,615,000 6,331,000
------------ ----------- -
Total current liabilities 20,031,000 14,554,000
NOTES PAYABLE 4,565,000 289,000
CAPITAL LEASE OBLIGATIONS 47,000 256,000
DEFERRED RENT AND LEASE INCENTIVES 1,468,000 943,000
DEFERRED GAIN ON SALE-LEASEBACK 195,000 248,000
------------ ------------
Total liabilities 26,306,000 16,290,000
STOCKHOLDERS' EQUITY 46 ,447,000 42,541,000
------------ ----------- -
TOTAL $ 72,753,000 $ 58,831,000
============ ============

BIG DOG HOLDINGS, INC.

apparel catalog

Big Dog Holdings, Inc.6% while TWC has a comparative store sale increase of 7.

hikers geared

e.6% (the Big Dogs chain had a comparative store sales decrease
of 6.1 million, an 11.8%
increase for the TWC chain.49 per
share, as compared to $.

walking towards

S. ASICS apparel line utilizes the
latest in technical fabrications and design and includes styles for
running, walking, training, and teams.

ASICS and Onitsuka Tiger are registered trademarks of ASICS Corporation
(Japan) www.

PRESS RELEASE Big Dog Holdings Inc. Reports 4th Quarter and 2005 Year Sales and Earnings and Recent Events

9% for 2004.

hikers walking

com,
http: //www.y. Actual results may differ materially from those indicated
in such statements.

Kastor has established herself as one of the top distance runners in the
world, having won the marathon bronze medal in Athens this past summer, as
well as two silver medals at the 2002 and 2003 World Cross Country
Championships. The decline in gross margin was the
result of a one time pick up at TWC in 2004 and a shift in business from
Big Dogs to TWC. Gross margins for the year ended 2005 were 55. The Walking Company
operates 130 stores in premium malls across the nation.

listening geared

Trans World Entertainment Opens f.y.e. Store at the Shops at La Cantera Mall in San Antonio TX

Y. The new store will be located at the Shops of La Cantera located
at 16641 La Cantera Parkway, San Antonia, TX.

The
Company had a total of 268 stores opened (176 Big Dog stores and 92 Walking
Company stores ) at the end of the period, as compared with 188 Big Dog
stores and 74 TWC stores on December 31, 2004.

hikers strides

The Company operates over 800 retail stores in 46
states, the District of Columbia, the U .7 million for the same
periods in 2004.2% and 50.

walker shoes

Additional information on factors that may affect the
business and financial results of the Company can be found in filings of the
Company with the Securities and Exchange Commission. In 2003, she broke the longstanding American Record in the
marathon, placing third at the London Marathon in 2:21:16.asicsamerica.43 per share earned for the same period in 2004.4% and 50.

walks oaks

Higgins, Trans World's
Chairman and Chief Executive Officer.
ASICS has re-signed Olympic Bronze Medalist
Deena Kastor to a multi-year extension that will insure America's top
distance runner will be wearing the world famous Tiger Stripes through the
2008 Games in China.0% increase, as
compared to $161.4 million in 2004.

compasses red

"
f.

2% compared
to 54. Higher operating expenses in
2005 reflect the smaller Big Dog store chain among other expenses. The factors that may affect the outcome of such forward-looking
statements include (i) changes in consumer preferences, (ii) factors
affecting store traffic, (iii) competition from other companies, and (iv)
the ability to retain key personnel.


BIG DOG HOLDINGS , INC.40
============ ============ ============ ============

WEIGHTED AVERAGE
SHARES OUTSTANDING:

BASIC 9,075,000 9,178,000 9,145,000 8,722,000
============ ============ ============ ============
DILUTED 9,664,000 9,732,000 9,726,000 9,174,000
============ ============ ============ ============

nature anemometers

e.52 $ 0.

everyday compasses

y.
Trans World Entertainment is a leading specialty retailer of music, video
and video game products.1% decline for the Big Dogs chain and 12. For the quarter ended December 31, 2005, the Company's
gross margins for the fourth quarter were 54.

listening geared

"We are very pleased to bring f.y.'s customer service commitment. In addition to its
mall locations, operated primarily under the f.com

3% for the year (4.40 per share in 2004.9% in 2005 as compared to
55.
We are excited about our future prospects as we look toward 2006 and
beyond. With the acquisition of Steve's Shoes, we believe we will end the
year at approximately 150 TWC stores as compared to 92 at the end of 2005.
The acquisition of the Steve's chain was on a good financial basis but it
was operationally distressed when we acquired it. The Walking Company is the leading specialty retailer of
high-quality, technically designed comfort shoes and accessories that
features premium brands such as ECCO, Mephisto, Dansko and Merrell, among
many others.

shoes catalog

ALBANY, N.6 million, offset by a comparative store sales
decrease of . Consolidated net sales for
the year ended December 31, 2005 were $179.)

Consolidated earnings were $.
Consolidated earnings for the year ended December 31, 2005 were $.6 million and $4."

Big Dog Holdings, Inc .40 $ 0.43 $ 0.

Products specifically geared towards the sport of walking.

strides towards

y. At Big Dogs we continue
to work to unlock the value of our brand through management of our current
channel strategy.

warehouse poetry

com. Comparable retail store sales
increased 3.

Commenting on the 2005 results and looking towards 2006, CEO Andrew
Feshbach stated, "We are pleased with our overall results for 2005 .

oaks nature

ASICS shoe line includes cutting-edge,
technical footwear for running, racing, track and field , fitness walking,
training, court, wrestling and volleyball.4 million, a 6. We
have integrated the Footwork's acquisition and see positive comp sales at
these stores, we completed our new store design for TWC and it is now ready
to be rolled out across the country and we have invested in our
infrastructure to support our future growth. Big
Dogs develops, markets and retails a branded , lifestyle collection of
unique, high-quality, popular-priced consumer products, including
activewear , casual sportswear, accessories and gifts. The statements contained in this press release that are
not purely historical are forward-looking statements, including without
limitation statements regarding our expectations, beliefs, intentions or
strategies.

pedometers poetry

e.y.e.1 million and $3. Although our net income
declined in the 4th quarter, we see this decline largely as a result of
non-recurring type events as well as revenue declines at the Big Dog chain.

upcoming shoes

6% increase as compared to $55.38 per share for the fourth quarter 2005, as
compared to $.

pedometers strides

, Trans World Entertainment
Corporation (Nasdaq: TWMC), a leading specialty retailer of music, video and
video game products, today announced the opening of an f. (NASDAQ: BDOG);
www.

As previously announced, consolidated net sales for the fourth quarter were
$59.7 million in the same
quarter of 2004. Consolidated net income was
$3. Regarding sales for the first 6 months of the year, we
see similar trends for both divisions as occurred in the fourth quarter for
2005. The BIG DOGS brand is designed
to appeal to people of all ages and demographics, particularly baby boomers
and their kids, big and tall customers, and pet owners. These products have particular appeal to one of the largest
and most rapidly growing demographics in the nation.38 $ 0.

catalog everyday

thewalkingcompany. Our consolidated net sales increased primarily due to the
additional stores opened during the period and a 23% increase in mail
order/Internet revenue of $.5% for the same period in 2004. We believe we will have
it stabilized and integrated into the TWC chain.

walker anemometers

---

- - kjjkjk

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