Circuit City Loss Smaller Than Expected
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Circuit City Stores Inc. reported a smaller-than-expected loss in the third quarter on store efficiencies and higher extended warranty sales but said holiday sales have been slower than expected.
The nation’s second-largest chain of consumer electronics stores said it lost $5.9 million, or 3 cents a share, compared with a loss of $2.5 million, or 1 cent, a year earlier.
The third quarter of 2003 included a gain of $25.5 million related to the sale of its bank-card division to FleetBoston Financial.
Analysts surveyed by Thomson First Call had anticipated a loss of 8 cents a share.
Circuit City shares fell 56 cents to $14.72 on the New York Stock Exchange.
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