In the third quarter ended October 31, revenues at Hastings Entertainment fell 1.7%, to $112.3 million, compared to the third quarter, and the net loss was $3.4 million, a slight improvement from the net loss of $3.7 million in the same period last year.
In a statement, CEO and chairman John Marmaduke said, "The recession continued to negatively impact consumer spending.... Our core customer base remains stable; however, customer purchase behavior has shifted toward value priced merchandise."
During the quarter, sales of books at stores open at least a year rose 0.2%. The company said that "increased sales of used trade paperbacks and hardbacks, and increased sales of value priced books, were offset by lower sales of new hardbacks and trade paperbacks."
The fastest-growing Hastings sections were cafes (16.5%), video games (8.5%), electronics (5.1%) and consumables (3.8%). Sections with losses were movies (-3.1%), trends (-4.1%) and music (-10.4).
