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Circuit City Stores, Inc. today reported results for the fourth quarter and fiscal year ended Feb. 28, 2007.
In the fourth quarter ended Feb. 28, 2007, net sales increased 1.2 percent to U.S. $3.93 billion from $3.89 billion in the same period last year, with consolidated comparable store sales decreasing 0.5 percent compared to a comparable store gain of 11.6 from the prior year. Earnings from continuing operations before income taxes were 0.4 percent of sales compared with earnings from continuing operations before income taxes of 6.0 percent of sales in the prior year.
The consolidated gross profit margin was 23.7 percent in the fourth quarter compared with 24.6 percent in the same period last fiscal year. Domestic segment gross profit margin declined 45 basis points from the prior year, impacting the consolidated gross profit margin by 41 basis points, driven by a decrease in extended warranty net sales as a percentage of domestic segment net sales.
Net sales for the fiscal year ended Feb. 28, 2007, increased 8.0 percent to $12.43 billion from $11.51 billion in the prior year, with consolidated comparable store sales increasing 5.8 percent. Earnings from continuing operations before income taxes were 0.1 percent of sales compared with earnings from continuing operations before income taxes of 2.0 percent of sales in the prior year. Domestic segment net-owned inventory at Feb. 28, 2007, decreased $88.1 million from Feb. 28, 2006.
For the fiscal year, the consolidated gross profit margin was 23.5 percent in fiscal 2007, a decrease of 89 basis points from 24.4 percent in fiscal 2006. The domestic segment contributed 62 basis points to the decline, primarily due to decreases in extended warranty net sales and merchandise margin. The international segment contributed 27 basis points to the decline.
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