HastingsStore Brick-and-mortar and e-commerce retailer Hastings Entertainment today
reported a net loss of $0.4 million for the quarter ending July 31, 2009. The
company's CEO, John Marmaduke,
attributed the loss to a down economy which "negatively impacted" consumer
spending through the quarter. Total revenues for the company during the quarter
was off almost 7 percent, to $117 million, compared to the same quarter a year ago. The company's
main drivers of new and used movies and new and used music CDs was compounded
by soft sales in the toy aisle –- while the company said it recorded strong
sales of novelty items and increased sales of sports memorabilia, action
figures, children's toys and t-shirts, lower sales of Webkinz plush products pushed revenues lower. Over the course of the quarter, Hastings saw the closure of two of its 153 stores nationwide. Not that the company is standing still when it comes to creating as many sales opportunities it can — earlier this month it revamped its web site, and in June it launched a partnership with Hampton Hotels to award Webkinz plush toys to qualifying guests. 

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