Fueled by DVD, Hollywood Entertainment's Third-Quarter Same-Store Sales Increased 11%1 Oct, 2001 By: Hive News
Hollywood Entertainment Corporation, owner of the approximately 1,800-store Hollywood Video chain, reported Monday that same-store sales for third quarter ended Sept. 30, 2001 increased 11%.
The company had previously targeted an increase in same store sales of at least 4-5%.
Commenting on the same-store sales, Mark Wattles, c.e.o. and founder, said, "We are very pleased with our company's performance in the third quarter. Positive same-store sales that began at the end of the second quartercontinued throughout the third. The company is benefiting from continuedimprovements in our operations, as well as industry growth fueled by DVD."
The company also said, as a result of the strength in its same-store sales performance, it is increasing its target for third quarter pro forma diluted earnings per share to a range of $0.15 to $0.17. The company had previously targeted $0.08 to $0.10 per share for the third quarter.
In addition, the company is raising its target for same-store sales for the fourth quarter to the 6% to 7% range, up from the previous target of 4% to 5%.
The company expects to release its third-quarter earnings on Oct. 30.