Now let me touch on our performance by category. Video comp sales decreased 2%, Comps sales in our top 50 increase 25% during the quarter. Top 50 sales were driven by new releases including X-Men, Thor, Bridesmaids and blue release of Star Wars. Video represented 42% of our business during the quarter versus 44% last year.

Music comp sales declined 7%, comp sales in our top 50 increased 6% during the quarter. The top 50 performance was driven by the sales of the latest releases from Little Wayne and Jay Z, Kanye West, and the continued momentum from the first quarter release by Adele. The music category represented 35% of our business for the quarter compared to 36% last year.

Electronic comp store sales increased 16%, and electronic sales represent 9% of our total business for the quarter compared to 8% last year.

Trend comp store sales increased 27%. Trend sales represented a 9% of our total business in the quarter compared to 7% last year.

Video games comps store sales were down 4%, game sales represent 5% of our business, the same as rate of last year. We have games in 121 stores which represents 28% of our chain.

John will now take you through financial highlights for the quarter. John?

John Sullivan

Thank you, Bob. Good morning. As Bob mentioned, our net loss for the quarter improved $11.6 million to $4.5 million or $0.14 per share and a 72% improvement over last year’s net loss of $16.1 million or $0.51 per share.

Our EBITDA loss improved $10 million for the quarter to $2.4 million, an 81% improvement over last year’s EBITDA loss of $12.4 million.

Our gross margin rate for the quarter increased 290-basis points to 37% of sales from 34.1% last year. The increase in gross profit as a percentage of sales was due to higher margin rates across all of our product categories and the leveraging of distribution and freight expenses.

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