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May 01, 2007
Circuit City On The Fritz
Wall Steeters are duly impressed with the turnaround at RadioShack but have a spit out Circuit City. The crummy consumer electronics retailer restated results for both the third quarter fourth quarters of fiscal 2007 and issued warnings for all of fiscal 2008.
Circuit City said that in April it came in substantially below-plan sales, primarily related to the large flat panel and projection TVs. It now sees a loss from continuing operations in the quarter of $80M to $90M. We are pretty sure this is a Circuit City problem and that consumers are buying their TVs at BestBuy, CostCo and others.
Posted by Paul at May 1, 2007 12:15 AM
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