Circuit City Stores Post 3rd Quarter Profit18 Dec, 2001 By: Enrique Rivero
Things appear to be looking up for Circuit City--in the third quarter ended Nov. 30, at least.
Though the electronics stores' sales declined 2 percent to $2.28 billion, and same-store sales fell 4 percent--or 2 percent excluding appliances--the stores posted a $9.2 million profit. By contrast, the stores lost some $70.1 million in the same quarter last year.
For the nine months ended Nov. 30, however, the stores lost $12.9 million, compared with a $19.9 million profit last year, and sales fell 15 percent to $6.2 billion.
Circuit City Stores Inc., which includes a 64 percent stake in the CarMax automobile sales business, earned $27.7 million for the period ended Nov. 30, versus a $62.5 million net loss in last year's comparable quarter. Sales rose 6 percent to $3.05 million.
Last year's results included non-recurring items stemming from the company's exit from the appliance business.
Including the CarMax group, nine-month profits increased 3 percent to $59.5 million on sales of $8.62 billion, which represented a 6 percent decline from last year.