Movie Gallery (ticker: MOVI) increased its same store revenue growth forecast for 1Q05 to 1.5% from it previously issued guidance of 0.5% - 1.5%. MOVI maintained its EPS forecast of $0.56 - $0.60 for the quarter.
Here's what CEO Joe Malugen had to say:
"We are pleased to have achieved a 1.5% increase in same-store revenues
for the quarter, especially in light of the difficult comparison to a positive
2.0% comp in last year's first quarter," said Joe Malugen, Chairman, President
and Chief Executive Officer. "Our same-store sales comps in the quarter were
positively impacted by an increase in previously-viewed sales, which results
in a slightly lower overall rental margin."
Store additions during the quarter:
New stores: 62
+ Acquired stores: 18
- Stores closed: 19
= Net additions: 61
- Revenues: $228M - $233M
- EPS: $0.56 - $0.60
- Revenues: $228M
- EPS: $0.58
Quick comment: Although same store sales growth hit the top of MOVI's range, it maintained its previously issued revenue and EPS guidance. MOVI expects to report 1Q05 earnings during the week of May 9, 2005.