Circuit City Posts $62 million Q2 Loss
CE retail giant Circuit City posted another losing quarter Thursday, losing $62.3 million on revenue of $2.64 billion. The company had posted a $10 million profit in the same period in 2006.
“While we are not satisfied with the financial performance for the quarter, we made solid progress on our multi-year turnaround plan to increase productivity and to improve the customer experience,” the company’s CEO, Philip J. Schoonover, said as part of the announcement. The company cautioned that it is still in the very early stages of its turnaround plan.