Thursday, 21 June 2007

Circuit City Posts Loss and Withdraws Guidance

RICHMOND, Va., June 20 (AP) — The electronics retailer Circuit City reported a $54.6 million first-quarter loss on Wednesday and withdrew its financial guidance for fiscal 2008 as it cut jobs and revamped.

For the quarter that ended May 31, the company, the nation’s No. 2 consumer-electronics chain, behind Best Buy, reported losses of 33 cents a share, contrasted with a profit of $6.4 million, or 4 cents a share, a year earlier. Analysts surveyed by Thomson Financial had expected a loss of 32 cents a share.