Hastings Entertainment reported last week that sales for the fiscal year ended January 31, 1999, rose 11.4%, to $398.7 million. Due to one-time charges associated with its new rental video amortization policy, net income in the year fell to $465,000 from $8.6 million. Excluding the charge, net income would have increased 35%, to $11 million.
Hastings president John Marmaduke called fiscal 1999 a "milestone year," observing that during the year the company completed its initial public offering in June and opened its e-commerce Internet site. Marmaduke said that sales in all of its departments -- books, music, videos, periodicals and software -- grew in the year, resulting in a 5.5% increase in comparable-store sales. The sales gain was also aided by the opening of 12 new stores, bringing Hastings's store count to 129 at the end of the fiscal year. The multimedia chain expects to open 17 to 20 new stores in the current year.
