Sales at Hastings Entertainment in the quarter ended October 31 rose
4.4% to $119.6 million while the net loss was $2.2 million compared to
a net loss of $2.7 million in the same period a year ago.
Sales of books at stores open at least a year rose 2.1%, a result, the company said, "of increased sales of new release hardbacks and new and used paperbacks." In the same period last year, comp-store sales of books had dropped 2.7% compared to the third quarter of 2004.
In a statement, chairman and CEO John Marmaduke said, "Our decision to increase Boutique and Electronic merchandise markdowns in the second quarter let us accelerate a new merchandising plan which contributed to improved comp sales during the third quarter. Many of our product categories posted quarterly comp sales which exceeded industry averages and I feel we have positioned the company for continued revenue and income growth in the fourth quarter."
Since late August, Hastings remodeled two more stores, in Lawrence, Kan., and Boise, Idaho, and moved a store in its headquarters city of Amarillo, Tex. The company has 154 superstores.
Hastings also increased its guidance for net income in the fourth quarter, based both on results earlier this year that beat internal forecasts and because "we are anticipating a positive retail environment for the holiday season," Dan Crow, v-p and CFO, said in a statement.
Sales of books at stores open at least a year rose 2.1%, a result, the company said, "of increased sales of new release hardbacks and new and used paperbacks." In the same period last year, comp-store sales of books had dropped 2.7% compared to the third quarter of 2004.
In a statement, chairman and CEO John Marmaduke said, "Our decision to increase Boutique and Electronic merchandise markdowns in the second quarter let us accelerate a new merchandising plan which contributed to improved comp sales during the third quarter. Many of our product categories posted quarterly comp sales which exceeded industry averages and I feel we have positioned the company for continued revenue and income growth in the fourth quarter."
Since late August, Hastings remodeled two more stores, in Lawrence, Kan., and Boise, Idaho, and moved a store in its headquarters city of Amarillo, Tex. The company has 154 superstores.
Hastings also increased its guidance for net income in the fourth quarter, based both on results earlier this year that beat internal forecasts and because "we are anticipating a positive retail environment for the holiday season," Dan Crow, v-p and CFO, said in a statement.