Blockbuster reports drop in 1Q income

DALLAS Blockbuster reported that net income for the first quarter of 2009 was $27.7 million, or 12 cents per diluted share, compared to net income of $45.4 million, or 20 cents per diluted share, in the first quarter of 2008.

First quarter 2009 domestic same-store sales decreased 10.9%, compared to an increase of 2.9% in the same period in 2008. Same-store sales for the first quarter of 2009 were comprised of a 12.3% decrease in domestic same-store rental comparables and a 3.1% decrease in domestic same-store retail comparables. International same-store sales decreased 6.7%, reflecting an 8.4% decline in same-store rental comparables and a 4.2% decrease in same-store retail comparables for the same period in 2008. Worldwide same-store sales decreased 9.6%.