Circuit City Takes Hit in Q2

Circuit City Stores Inc., the nation's second biggest consumer electronics store chain, said Thursday it swung to a loss in its second quarter as sales fell. The company lost a reported $62.8 million, or 38 cents per share, in the three months ended Aug. 31 versus a profit of $10 million, or 6 cents per share, in the prior-year quarter. Revenue fell 6 percent to $2.64 billion from $2.82 billion last year. Same-store sales, a key indicator of retailer performance which measures growth at existing stores rather than newly opened ones, fell 7.9 percent. Analysts polled by Thomson Financial had expected a loss of 12 cents per share on revenue of $2.78 billion. Domestic segment sales fell 6.3 percent to $2.51 billion, while same-store sales fell 8 percent. And, to top it off, the company said it expects "continued weakness" in the third quarter.

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