Circuit City Stores, Inc. announced that total sales for the second fiscal quarter ended August 31, 2003 decreased 3 percent to U.S. $2.16 billion from $2.22 billion in the same period last year, with comparable store sales declining 5 percent.
"The sales pace improved in virtually all categories during the second half of the quarter, and during the month of August we produced a comparable store sales increase of 1 percent against a strong prior year increase of 12 percent," said W. Alan McCollough, chairman, president and chief executive officer of Circuit City Stores, Inc. "Throughout the quarter, we produced strong sales growth in new television technologies such as digital big-screens and thin-panel LCD and plasma products, the digital imaging category, and DVD movie titles. The strengthening during the second half of the quarter was especially pronounced in back-to-school products such as personal computer hardware and software, game software, wireless communications, portable audio, and portable video."
Circuit City also announced the election of Allen B. King to the company's board of directors. Mr. King is president and chief executive officer of Universal Corporation, a diversified corporation with operations in tobacco, lumber, and agri-products; and chairman, president, and chief executive officer of Universal Leaf Tobacco Company, Inc., international buyers and processors of leaf tobacco.
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