Hastings Entertainment Net Income Up

Amarillo, Texas Hastings Entertainment on Monday reported results for the three months ended April 30. Net income was approximately $3.0 million for the first quarter of fiscal 2008 compared to net income of $2.5 million in the same period last year. It was the fifth consecutive quarter of growth.

Total revenues for the first quarter increased to $131.9 million from $128.0 million in the year-ago period.

Same-store sales for the quarter rose 4.2%.

“I'm excited by the record profits our new management team delivered on top of a very strong first quarter during fiscal 2007," said CEO John Marmaduke. “We have an opportunity to take advantage of weakened competitors with our new and used Entertainment Superstore, while additionally delivering exceptional value to our customers in a difficult economic environment."