Blockbuster changes 2009 earnings outlook
Lower than expected results for the fourth quarter have prompted video game rental giant Blockbuster Inc. to adjust its expected earnings for the 2009 fiscal year.
Dallas-based Blockbuster Inc. (NYSE: BBI) said it now expects a net loss in the range of $183 to $193 million.
The company’s Chief Executive Officer and Chairman Jim Keyes said the company in the fourth quarter focused on restoring top line performance.
The company upped its inventory and invested in advertising to drive traffic to both the stores and online, Keyes said in a statement Wednesday.
However, the drive for more traffic did not benefit the company as much as they had hoped, he said.