SAN JUAN, Puerto Rico -- Pueblo Xtra International here said the company's declining sales and same-store sales, as well as its increasing net loss, in the first quarter was due to increasing competition and to a decline in the Puerto Rican economy in the past year or so.
sed 10.4% for the quarter. The company attributed this decline to increased competition and a lack of customer interest in renting or buying the new videos released during the period.
For the quarter, the company recorded a net loss of $4 million, compared with a net loss of $800,000 in the previous year's opening quarter.
William T. Keon 3rd, Pueblo president and chief executive officer, said Pueblo remains focused on innovation and cited the company's introduction of a smart card as an example.