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Circuit City Reports Q4 Results
Apr 12, 2006
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Circuit City Stores, Inc. reported results for the fourth quarter and fiscal year ended Feb. 28, 2006. For the fourth quarter net sales grew 12.8 percent, driven by a comparable store sales gain of 11.6 percent. Sales growth was led by a triple-digit comparable store sales increase for advanced technology TVs.

Web-originated sales grew 64 percent over the prior year. Gross profit margin improved 26 basis points from the prior year. The domestic segment contributed 56 basis points to the improvement, due primarily to reduced markdowns as the company improved its supply chain management. The international segment negatively impacted the consolidated gross profit margin by 30 basis points.

SG&A expenses as a percentage of sales declined 209 basis points from the prior year, driven by a 217 basis point improvement for the domestic segment. The domestic segment improvement was due primarily reduced store closing expenses and leverage on higher sales levels, which were partially offset by higher advertising expense. Earnings from continuing operations before income taxes (EBT) as a percentage of sales grew 211 basis points compared with the prior year as EBT dollars grew 75 percent. Net earnings from continuing operations grew 75 percent from the prior year.

For the fiscal year 2006, net sales grew 10.8 percent, driven by a comparable store sales gain of 8.2 percent. Gross profit margin decreased 12 basis points from the prior year primarily due to higher promotional financing costs. SG&A expenses as a percentage of sales declined 122 basis points from the prior year, driven by a 162 basis point improvement in the domestic segment. The domestic segment improvement was primarily due to lower payroll and fringe expenses, store closing costs and relocation expenses, as well as leverage on higher sales levels. EBT as a percentage of sales grew 105 basis points as EBT dollars grew 129 percent. Net earnings from continuing operations grew 131 percent from the prior year.

For the fourth quarter ended Feb. 28, 2006, total sales increased 12.8 percent to U.S. $3.91 billion from $3.47 billion in the same period last year, with consolidated comparable store sales increasing 11.6 percent from the prior year.

Total sales for the fiscal year ended Feb. 28, 2006, increased 10.8 percent to $11.60 billion from $10.47 billion in the prior year, with consolidated comparable store sales increasing 8.2 percent.

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