Originally published at www.seclive.com
Hastings Entertainment Inc. (NASDAQ:HAST) announced its financial results for the third fiscal quarter of 2013, posting a net loss of $6.2M. The multimedia retailer recorded a $6.2M net loss, slowly closing in its net loss of $8.0M a year ago. Shareholders lost $0.76 per share this quarter, as opposed to $0.98 losses per share a year ago. Company revenues declined 6.6% from $101.3M to $94.7M as the company also operated 10 fewer stores than a year ago. In an effort to return to profitability, the company underwent some restructuring, including staff reductions and department consolidations. This move cost the company $1.4M as it also shed four of its eight corporate officers. The previously mentioned store closures were the result of poor performance in an effort to shed unprofitable locations. The electronics category was the company's best performing segment, improving 12.2% from a year ago.
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