Hastings Entertainment had a mixed third quarter for the period ending October 31, 2001. While sales rose 3.2%, to $103.2 million, and the net loss was cut to $5.5 million from $12 million, the loss was higher than projected. Dan Crow, v-p and CFO, attributed the higher loss to lower-than-planned revenues, higher return costs and increased use of Hastings distribution center to supply product. Because of the higher loss, Hastings lowered its earnings estimates for both the fourth quarter and the full year.

The weakest performing segment in the period was books, with book revenues down 2.2% on a comparable store basis, compared to projections of a 5.4% increase. Hastings chairman John Marmaduke attributed the disappointing book sales to the events of September 11. Offsetting the weak book results were stronger-than-anticipated sales of videos and video games, along with higher video rentals. In all, comparable store sales were up 5.7% in the quarter.

For the nine-month period, revenues rose 1.8%, to $322.5 million, and the net loss was reduced to $5.5 million from $14.8 million.