Sales Dip at Hastings
Staff -- Publishers Weekly, 6/18/2001
Total revenues slipped 0.9%, to $109.4 million, for the first quarter ended April 30, 2001, at Hastings Entertainment. The retailer's pretax loss was $767,000, slightly higher than the $746,000 loss posted in the first quarter of fiscal 2001.
Hastings attributed the sales decline to operating three fewer superstores in the period compared to a year ago as well as flat comparable store sales. Higher video rental comps of 4.2% were offset by a 0.7% decline in its merchandise segment, which Hastings said was due to lower sales of music product in the quarter compared to a strong first period last year. Hastings v-p of finance Dan Crow said the company continues to expect to have a profitable fiscal 2002.
