Hastings Reports Mixed First Quarter
Headphones and other electronics were the brightest sales category for Hastings Entertainment during the first quarter of 2012, but â€śweakâ€ť release slates for movies, music, video games, and books pulled down the specialty retailerâ€™s comparable store revenues.
Total revenues for the first quarter decreased approximately $8.6 million, or 7 percent, to $115.5 million compared to $124.1 million for the first quarter of 2011. Comparable-store sales of electronics increased 13.1 percent during the quarter, resulting primarily from increased sales of headphones and MP3 and phone accessories, along with strong sales of new Apple iPods.
But weak release schedules, Hastings says, negatively impacted comparable store sales in books (down 0.8 percent); movies (down 3.7 percent); music (down 9.4 percent); and video games (down 21.3 percent). The retailer notes that the game sector was soft industry-wide during the quarter, citing recent NPD Group data that revealed a dearth of new software releases in the first three months of the year.
Hastings chairman and chief executive John Marmaduke added that â€śthe current economic environment continues to impact consumer discretionary spendingâ€ť as well.