Blockbuster says Olympics may crimp movie rentals
Blockbuster says Olympics may crimp movie rentals
Posted by
labelitlove 119 days ago
The Olympics and a weak film slate may crimp Blockbuster Inc (BBI.N: Quote, Profile, Research, Stock Buzz) revenues in the third quarter, Chief Executive Jim Keyes told Reuters on Thursday.
But the company's shift to products beyond movie rentals is paying off and should help offset seasonal and other pressures, he said in an interview.
"We are not expecting (same-store sales) this quarter to be probably as high as the second quarter," said Keyes, noting the start-up of the Olympics this week and a weak movie slate should make August the biggest challenge of the quarter.
Same-store rental revenues rose 6.5 percent in the second quarter.
But Keyes, who wants to reposition Blockbuster to compete in a world where viewers download videos or receive them by mail, was "optimistic" it will achieve better comparisons as it stocks shelves with more new releases, games and consumer electronics.
But the company's shift to products beyond movie rentals is paying off and should help offset seasonal and other pressures, he said in an interview.
"We are not expecting (same-store sales) this quarter to be probably as high as the second quarter," said Keyes, noting the start-up of the Olympics this week and a weak movie slate should make August the biggest challenge of the quarter.
Same-store rental revenues rose 6.5 percent in the second quarter.
But Keyes, who wants to reposition Blockbuster to compete in a world where viewers download videos or receive them by mail, was "optimistic" it will achieve better comparisons as it stocks shelves with more new releases, games and consumer electronics.
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