Circuit City (CC) added to its disappoint run with a net sales decline of 4% to $2.486 billion for the quarter ending May 31.
Income from continuing operations was even worse. The company lost $83 million compared to a profit of $8 million in the period a year ago.
The company said it had cut out about $185 million per annum in costs, and the firm sales it expected "continuing volatility" in financial results. In English, the means they will not be very good. "Combined with an uncertain macroeconomic environment, for the time being, it is difficult to project sales and earnings performance for the balance of the fiscal year. As a result, we are withdrawing financial guidance at this time," the CEO whimpered.
CC shares were off 2% in the pre-market to $15.78 near their 52-week low.
Douglas A. McIntyre
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