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Blockbuster(BBI Quote) swung to a first-quarter loss due to the cost of advertising its partial elimination of late fees on video rentals. The strategy led to a 0.4% decline in same-store sales.
Blockbuster lost $57.5 million, or 31 cents a share, in the quarter, compared with earnings of $114.4 million, or 63 cents a share, a year ago. Revenue rose 3% from a year ago to $1.55 billion.
Adjusted for the cost of its unsuccessful bid to acquire Hollywood Entertainment(HLYW Quote), among other things, the company lost 23 cents a share in the quarter. ...
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