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Blockbuster Reports Lower Q3 Net Loss

11/06/2008 04:44:00 PM Eastern

Dallas — Blockbuster reported lower sales and a reduced net loss for its third quarter, ended Oct. 5.

Total revenues for the third quarter decreased 2.7 percent, or $33.6 million, to $1.20 billion, as compared with $1.24 billion in the third quarter of last year.

Net loss for the quarter narrowed 48.3 percent to $17.8 million, as compared with a net loss of $34.4 million the third quarter of last year.

“We are pleased with our third-quarter results, particularly in light of the unusually limited slate of movie titles and strong viewership of the Olympics during the period. Key initiatives around merchandise assortment, in-stock availability and expense reduction allowed us to deliver our third consecutive quarter of positive domestic same-store sales and reduce our net loss by over 48 percent,” said Jim Keyes, Blockbuster chairman/CEO."

Domestic same-store revenues increased 5.1 percent as compared with the third quarter of 2007, due to a 0.8 percent growth in same-store rental revenues and a 30.7 percent increase in same-store merchandise sales, largely driven by a significant increase in sales of games software and hardware.