Same-store sales up 13 percent at Hollywood2 Apr, 2003 By: Joan Villa
Hollywood Entertainment boosted same-store sales by 13 percent in the first quarter, the 1,800-store chain said today.
As a result of the better-than-expected performance, Hollywood also increased its first quarter adjusted earnings target to 40 cents per share, up from the 35 cents it anticipated in February.
"Our core business continues to be strong,” said founder and CEO Mark Wattles in a statement, “As evidenced by the fact that the entire increase in our same-store sales, as compared to the company's previous guidance, was attributable to an increase in rental product revenue. The bottom line is we continue to see that consumers who convert from VHS to DVD increase their rental spending."
The Portland, Ore.-based chain will report complete first quarter results April 15.