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Circuit City Stores, Inc. yesterday reported total sales of U.S. $1.93 billion for the first fiscal quarter, which ended May 31, 2003. This was a 9-percent reduction from the $2.12 billion reported for the same period last year. The company said it expects a loss per share of $0.23 to $0.25. Comparable store sales decreased by 10 percent.
According to W. Alan McCollough, chairman, president, and CEO of Circuit City Stores, Inc., while the company observed drops in average retails for many product categories, "We remain pleased by continued strength in new, more complex technologies, such as digital imaging and big-screen TVs and in the traffic-driving entertainment software category."
The company will continue to remodel and relocate its stores throughout the year, according to Mr. McCollough. "During the first quarter, we completed the refixturing of nine Superstores," he said. The company also expects "to complete this fiscal year’s refixturing in approximately 200 stores by the end of September," Mr. McCollough said.
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