Hastings Entertainment reports net loss in Q2

Tue. August 18, 2009; Posted: 08:59 AM

Aug 18, 2009 (Datamonitor via COMTEX) -- HAST | Quote | Chart | News | PowerRating -- Hastings Entertainment, a multimedia entertainment retailer, has reported a net loss of approximately $0.4 million, or $0.04 per diluted share, for the second quarter ended July 31, 2009, compared to a net income of approximately $0.7 million, or $0.06 per diluted share, for the second quarter of fiscal 2008.

For the second quarter of fiscal 2009, total revenues decreased 6.7% to $117.2 million, compared to $125.7 million for the second quarter of fiscal 2008.

For the first six months ended July 31, 2009, net income was $1.3 million, or $0.13 per diluted share, compared to $3.6 million, or $0.34 per diluted share, for the same period of fiscal 2008. Total revenues decreased 5.7% to $242.9 million, compared to $257.6 million for the same period of fiscal 2008.

John Marmaduke, CEO and chairman of Hastings Entertainment, said: "The recession continued to negatively impact consumer spending through the second quarter. Our core customer base remains stable; however, customer purchase behavior has shifted toward value priced merchandise. We have been very active in partnering with our key vendors to bring exceptional values while maintaining or improving our merchandise margin rates."

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