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Circuit City Posts 2nd Quarter Loss
Sep 21, 2007
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Electronics retailer Circuit City Stores Inc. said it lost U.S. $62.8 million in the second fiscal quarter, on lower overall sales and a restructuring. For the quarter ended Aug. 31, Circuit CIty lost $0.38 per share, compared to a profit of $10 million, or $0.06 a share, a year ago. Circuit City's revenue was $2.64 billion, down 6% from $2.82 billion in the year-ago period. Sales at stores open at least a year, known as same-store sales, slipped nearly 8%. In the year-ago period, same-store sales rose 8%.

Circuit City's second-quarter sales of camcorders and DVD hardware fell by double digits. Audio sales grew by double digits, driven by a large increase in purchases of navigation products. Portable digital audio, home audio and digital satellite radio items saw a significant sales decrease. The company's PC services and home-installation business increased 22%.

Circuit City expects its third-quarter results to also be weak, but lower than the second quarter's loss. It expects to swing to a fourth-quarter profit, and record a net loss for the full fiscal year. Company officials still plan to open 60 to 65 new and relocated U.S. Superstores in fiscal 2008, and two-thirds of the openings will be 20,000-sq-ft stores.

 

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