Circuit City Raises Profit OutlookConsumer electronics retailer...
- Share via
Circuit City Raises Profit Outlook
Consumer electronics retailer Circuit City Group said it expects to report a fiscal first-quarter profit of 5 cents to 8 cents a share as shoppers bought more big-screen televisions and DVD players.
The company had expected to earn 3 cents.
Higher sales helped Circuit City narrow a loss from its Circuit City unit to 1 cent to 4 cents. The company had expected a “mid-to-high-single-digit loss.” Circuit City’s CarMax business contributed 9 cents a share to the company’s profit.
Rival Best Buy Co. said per-share profit for the fiscal quarter ended Saturday is expected at the high end of its forecast of 20 cents to 21 cents. Analysts had expected 21 cents.
Shares of Richmond, Va.-based Circuit City fell 24 cents to $22.60 on the NYSE. Shares of Eden Prairie, Minn.-based Best Buy rose $1.46 to $45.52, also on the NYSE.
Both companies plan to release results June 18.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
