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Circuit City Q2 Losses Narrowed, Revenues Up
Sep 20, 2004
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Richmond, VA, U.S.-based consumer electronics retailer Circuit City reported an 8.8-percent increase in second quarter profits for fiscal year 2005. Second-quarter sales for U.S. were reported at U.S. $2.35 billion for the period ending Aug. 31, 2004, compared to $2.16 billion for the same period in 2003.

Comparable store merchandise sales increased 2.9 percent, including total U.S. sales of $2.23 billion and international sales of $117.8 million. Sales of digital televisions, notebook computers, and warranty plans boosted results.

Operation losses also narrowed to $11.4 million, or $.06 per share, in the second quarter ending Aug. 31, from $39.3 million, or $.19 a year earlier.

Results from the recently acquired InterTan, a Canadian consumer electronics retailer, also added $3.4 million, or $.02 a share, to the latest results.

“During the first half of the year, we have continued to refine our store designs, merchandise offerings, and store staffing to help ensure that we deliver an exceptional in-store consumer electronics shopping experience during the upcoming holidays,” W. Alan McCullough said, chairman, president and chief executive of Circuit City Stores, Inc.

The company currently expects to open approximately 60 superstores of which slightly less than half would be relocations from underperforming locations, in fiscal 2005. In addition, the company revamped its Web site to provide customers with an improved online shopping experience.

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