Although comparable store book sales declined about 1.8% in the quarter, book and multimedia retail chain Hastings Entertainment reported that total revenues for the second quarter ended July 31 increased approximately $1.9 million, or 1.7%, to $119.1 million compared to $117.2 million for the same period in fiscal 2009. Total comparable store revenues increased 4.5% for the quarter and 4.7% for the first half of fiscal 2010.
Hastings CEO John H. Marmaduke blamed the decline in comparable store book sales on decreased sales of new trade paperbacks, attributable to the increased popularity of e-book readers. The decline was partially offset by increased sales of new hardcovers and increased sales of used trade paperback and hardcovers.
Marmaduke also cited a new 49 cents a day movie rental program and the launch of new comics sections in 80 Hastings stores. The rental program “contributed to an increase in Rental comparable store sales,” and the new comics sections brought “a positive response from our customers.”
