Circuit City Growth Lags Behind Estimates
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Circuit City Stores Inc. reported a 2.9% gain in same-store sales in its fiscal second quarter ended Aug. 31, but its growth lagged behind estimates, in part because of reduced spending by consumers in the last month of the quarter.
Although price cuts and the popularity of flat-panel televisions, notebook computers and digital cameras still drew store traffic, Circuit City said purchases had softened in August.
Richmond, Va.-based Circuit City said a shift in its fiscal calendar hurt sales because the latest quarter did not include the Labor Day weekend.
Circuit City shares rose 6 cents to $13.70 on the NYSE.
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