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
Get Ready To Retire (Sponsored)
Start by taking a quick retirement quiz from SmartAsset that will match you with up to 3 financial advisors that serve your area and beyond in 5 minutes, or less.
Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests.
Here’s how it works:
1. Answer SmartAsset advisor match quiz
2. Review your pre-screened matches at your leisure. Check out the advisors’ profiles.
3. Speak with advisors at no cost to you. Have an introductory call on the phone or introduction in person and choose whom to work with in the future
Get started right here.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
