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Blockbuster Loses $20.6M In Third Quarter

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Nov 7, 2008 9:02 am US/Central

Blockbuster Loses $20.6M In Third Quarter

DALLAS (AP) ― Blockbuster Inc. says it cut its third-quarter loss by more than 40 percent.

The better-than-expected results amounted to a net loss of $20.6 million, or 11 cents per share, for the quarter. It's a marked improvement from the movie rental chain's $37.2 million loss during the same period last year.

Revenue slid nearly 3 percent to $1.20 billion during the three months that ended Oct. 5.

Meanwhile, the Dallas-based company's same-store sales rose more than 5 percent. That's an important retail industry metric of sales in stores open at least a year.

Thursday's profits topped Wall Street forecasts. Analysts surveyed by Thomson Reuters expected the company to lose 16 cents per share on revenue of $1.27 billion.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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