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Hollywood On Target With Game Crazy Upgrades

19 Dec, 2002 By: Hive News

Hollywood Video has completed the remerchandising of the 100th store to include its Game Crazy department, completing the company's targeted fourth quarter objective with respect to its Game Crazy remerchandising initiative, the chain announced today.

"We continue to experience strong results in our Game Crazy departments. In addition to the 203 new departments added during 2002 performing well, we anticipate fourth quarter same-store sales gains of approximately 20 percent in the 66 departments that have been in operation for over a year,” CEO Mark Wattles said. “The increase in same-store sales is being driven by our focus on software, instead of hardware, with a strong emphasis on the higher-margin used game business."

The company previously announced that it reaffirmed its previously projected same store sales target for the fourth quarter 2002, of at least 12 percent, and it anticipates growth in revenues from rental products to contribute approximately one half of the increase, with the other half of the increase coming from revenues from merchandise sales. The company also reaffirmed its targeted range for fourth quarter adjusted diluted earnings to be $0.38 to $0.40 per share.

The chain expects to report fourth quarter sales during the second week of January.

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