Circuit City Reports $239 Million Loss
Circuit City Stores, coming off the firing a week ago of its CEO, on Monday posted a loss of $239.2 million for the second quarter. The company had posted a loss of $62.8 million for the same period last year.
The company also withdrew its 2009 fiscal outlook, after its sixth consecutive quarterly loss.
“We continue... to face challenges in our sales performance. Our sales were below plan for the quarter, driven by a significant decline in traffic, which we believe reflects the worsened macroeconomic environment, competitive pressures and a weakened brand position,” the company’s chief financial officer, Bruce H. Besanko, said as part of the earnings release.