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For the fourth quarter ended Feb. 28, 2005, total sales increased 5.3 percent to U.S. $3.47 billion from $3.30 billion in the same period in 2004, with comparable store sales decreasing 1.8 percent. For the fiscal year, total sales increased 6.3 percent to $10.47 billion from $9.86 billion last fiscal year, with comparable store sales increasing 0.7 percent.
"We believe that the improving trend in sales since December reflects early improvements in our promotional and advertising effectiveness that translated into increased consumer traffic as the quarter progressed," said W. Alan McCollough, Circuit City's chairman and CEO. "We continue to take steps to move our business forward and are beginning to see initial results from the recent changes we have implemented."
A decrease in wireless sales, principally driven by a business model change in the third quarter, accounted for approximately 100 basis points of the company's overall comparable store sales decrease in the fourth quarter. A decrease in digital video service sales, principally driven by a business model change in the second quarter, accounted for approximately 80 basis points of the company's overall comparable store sales decrease in the fourth quarter.
During the fourth quarter ended Feb. 28, 2005, the company expanded the revenues included in comparable store sales to include extended warranties, installations, and other non-merchandise revenues. Previously, revenues included in the comparable store sales calculation were limited to merchandise sales.
For the fourth quarter, total sales for the domestic segment were relatively unchanged from the same period last year at $3.30 billion, with comparable store sales decreasing 1.8 percent. For the fiscal year, total sales for the domestic segment increased 1.6 percent to $10.02 billion from $9.86 billion in the same period last year, with comparable store sales increasing 0.7 percent.
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