Profit falls 17% at Circuit City

April 05, 1997|By BLOOMBERG NEWS

RICHMOND, Va. -- Circuit City Stores Inc. said yesterday that fiscal fourth-quarter profit fell 17 percent because of weakening electronics sales and tough competition.

The company, which owns the Circuit City electronics chain, said net income fell to $68.3 million, or 68 cents a share, from $82.1 million, or 83 cents, in the year-earlier quarter.

Sales for the quarter ended Feb. 28 rose 7.3 percent to $2.42 billion from $2.25 billion. Same-store sales fell 10 percent during the quarter.

Pub Date: 4/05/97

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