Monday, multimedia entertainment retailer Hastings Entertainment Inc. (HAST), reported a wider loss for the third-quarter compared with the prior year quarter, citing changes in consumer spending. The company also cut earnings per share guidance for the full-year.
The company said from September this year, changes in customer spending toughened the retail environment.
Net loss for the third-quarter was $3.66 million or $0.36 per share wider than, $0.1 million or $0.01 per share in the year-ago quarter.
Net loss for the third quarter included a non-recurring charge of $0.4 million related to prior years' depreciation expense and income tax expense of $0.7 million related to an Internal Revenue Service audit of the Company's previously filed federal tax returns.
Total revenues for the third quarter decreased approximately $8.0 million or 6.5% to $114.27 million, lower than $122.28 million for the third quarter of fiscal 2007. Analyst estimated revenue of $122.02 million for the lastest quarter.
The Merchandise revenues for the quarter declined 5.3% to $95.99 million, and the rental revenue dropped 12.4% to $18.28 million year-over-year.
The total comparable-store-revenues for the quarter decreased 6.5% year-over-year.
For the nine-month period, net loss was $7 thousand or breakeven per share compared with net income of $4.43 million or $0.40 per share for the same period in the prior year. Total revenues for the period dropped to $371.87 million from $376.19 million last year.
For the full year, the company said it was lowering net earnings per diluted share outlook to a range of $0.50 - $0.55 from $0.95 - $1.00 per share expected previously.
HAST ended Friday's regular trading at $3.75 on the Nasdaq.
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