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Blockbuster Cuts 2002 Profit Forecast

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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.

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Blockbuster fell $6.27 to $13.13 on the NYSE.

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