Hollywood Entertainment increases earnings estimate

Business Brief

Hollywood Entertainment on Monday increased its earnings estimate for the third quarter to a range of 15¢-17¢ per share from its previous estimate of 8¢-10¢.

Move had been expected.

Reflecting increased store traffic since the attacks on the World Trade Center and the Pentagon on Sept. 11, Hollywood announced on Sept. 17 that same store sales for the third quarter would likely exceed its earlier estimates.

On Monday, it confirmed those expectations by announcing same store sales growth of 11% for the third quarter, compared with its previous forecast of 4%-5% gains.

Hollywood also increased its forecast for same store sales growth in the fourth quarter to a range of 6%-7%. Previous target had been 4%-5%.

Announcement was made after trading hours on Monday. Shares of Hollywood closed up 25¢ to $12.

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