Blockbuster Cuts 2002 Profit Forecast
From Bloomberg News
Blockbuster Inc. cut its 2002 profit estimate by at least 16%, saying competition from discount stores had crimped fourth-quarter sales at the largest movie-rental chain.
Per-share profit this year will be $1.03 to $1.10 on sales of more than $5.5 billion, Blockbuster said.
Last month, the Dallas-based company predicted that profit before some expenses would rise to $1.31 a share from $1.01 last year.
Blockbuster fell $6.27 to $13.13 on the NYSE.
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