Blockbuster expects worse-than-expected net loss
Dallas Blockbuster said it expects to report a net loss in the range of $183 million to $193 million for 2009 based on holiday season sales that were lower than expected.
CEO Jim Keyes said the company increased its inventory and advertising to drive traffic during the holidays but those efforts did not give it the boost it expected.
"In spite of these efforts, our performance during the holidays was well below expectations, and anticipated earnings before interest, taxes, depreciation and amortization was affected," Keyes said.
About 30% of the year's such earnings normally come in December, Keyes said.