The third quarter was full of mixed signals at Hastings Entertainment. Total revenue slipped 1.7% in the period ended October 31, to $112.3 million, despite a 6.9% increase in the number of units sold in the quarter. The discrepancy, Hastings said, was due to the continued shift by consumers to buying low-priced items. That trend was reflected in the book segment where comp sales inched ahead 0.2% due to higher sales of used and value-priced books which offset lower sales of new hardcovers and trade paperbacks. Hastings also reported that business improved later in the quarter with same store sales for merchandise purchases up 2.0% in October. The retailer was able to cut its net loss in the quarter slightly, from $3.7 million in last year’s third quarter to $3.4 million in the most recent period.
Hastings said it remains “cautiously optimistic” about the holiday season, citing “our value merchandising initiatives, improved store execution, and the closure of 20 entertainment competitors in our markets.”
