Video rental chain
said its same-store sales were up for the second quarter, and as a result, the company boosted its earnings guidance.
The company said same-store sales increased 7% over the year-ago quarter, higher than the 6% increase the company had forecast in May and well above its original guidance of 3% growth.
Based on the strong sales performance, Hollywood now expects diluted earnings per share of 25 cents to 27 cents for the quarter, up from its original forecast of 24 cents to 26 cents and ahead of the consensus estimate of 24 cents provided by analysts polled by Thomson Financial/First Call.
Shares of the nation's second-largest video chain closed at $20.15 Monday before the news.