Hastings Returns To Profitability In Q1

Hastings Entertainment reports net income of $1.8 million, or 15 cents per diluted share, on revenues of $126.9 million in its fiscal first quarter, which ended April 30.

Hastings Entertainment reports net income of $1.8 million, or 15 cents per diluted share, on revenues of $126.9 million in its fiscal first quarter, which ended April 30.

That's a turnaround from the loss of $1.07 million, or nine cents per diluted share, the Amarillo, Texas-based retailer reported in the first quarter of fiscal 2003, when revenues totaled $116.8 million.

Hastings chairman/CEO John Marmaduke attributes the improvement to "management initiative and system enhancements" enacted in fiscal 2003. "We believe our focus in these areas is a significant contributor to increases in revenue and profits for the first quarter of fiscal 2004," he says in a statement.

For the quarter, Hastings reports comparable-store increases of 8.1%. The company says video sell-through was the prime driver behind that gain.

The company now operates 150 stores, with the addition of two opened this year: an 18,000-square-foot outlet in Canon City, Colo., that opened on April 26, and a 15,000-square-foot store in Emporia, Kan., that debuted May 17.

In making its earnings announcement, Hastings also adjusted its earnings guidance upward, saying it expects to produce earnings this fiscal year in the range of 50 cents-53 cents per diluted share.
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