Hastings Entertainment completed a successful turnaround for the fiscal year ended January 31, 2002, with revenues up 3%, to $471.8 million, and net income of $4 million. In the previous year, Hastings had a loss of $14.6 million. Total comparable-store sales rose 4.7% in the year, with sales comps up 4.3% and rental video comps ahead 6.4%. The multimedia retailer also opened five new superstores in the year and remodeled or moved seven others.
Hastings president John Marmaduke credited the improvement to an extensive remerchandising program that substantially increased the square footage for DVD sales and rental operations as well as providing more room for video games. As a result of its efforts, DVD sales increased 73% in the year, while video game sales rose 114%. Books were not a major contributor to the turnaround, with same-store sales up 0.3% for the year and 0.9% in the fourth quarter.
Looking at the current year, Hastings plans to open seven superstores and remodel or relocate another 10. Comparable-store sales are predicted to increase 6.4%.
