Blockbuster suffers wide 4Q loss

DALLAS Blockbuster reported that total revenues for the fourth quarter were $1.38 billion, compared with total revenues of $1.57 billion for the same period one year ago. The company's results were impacted by the 52-week year, compared to the 53-week year in 2007.

Net loss for the quarter was $359.8 million, or $1.89 per diluted share. This compares to net income of $41 million, or 18 cents per diluted share, in the fourth quarter of 2007.

Total revenues for the full year 2008 were $5.29 billion, compared to $5.54 billion for the full year of 2007.

Net loss for the full year was $374.1 million, or $2.01 per share, compared with net loss of $73.8 million, or 45 cents per share, in 2007.

Blockbuster recorded its fourth consecutive quarter of positive domestic same-store sales in the fourth quarter of 2008. For the fourth quarter, domestic same-store sales increased 4.4%, representing a 5.3% increase when compared to a decline of 0.9% in the same period in 2007. The increase in same-store sales for the fourth quarter of 2008 was comprised of a 2.6% decrease in domestic same-store rental comparables and a 36.5% increase in domestic same-store retail comparables, which was largely driven by increased sales of games, game merchandise and consumer electronics.

For the full year of 2008, Blockbuster achieved a 6.4% increase in domestic same-store sales, compared to a decrease of 6.9% in 2007. The 2008 domestic same-store comparable includes a 1.2% increase in domestic same-store rental comparables and a 37.4 % increase in domestic same-store retail comparables.