Circuit City

Circuit City Stores Inc., a consumer electronics store chain that is based in Richmond, Va., held its own in a tough market during the third quarter as cost-cutting offset tight gross margins and sluggish sales.The company reported yesterday that net earnings for the quarter that ended Nov. 30 totaled $8.8 million, or 19 cents per share.That represented a dramatic improvement over last year's $2.5 million, or 5 cents per share. But 1990's third quarter was the worst in years for the fast-growing retailer, so this year's results marked a return to form rather than a stride forward.

A year and a half ago, as markets hit new lows and the American spending machine temporarily shut down, hggregg went on a buying binge. The Great Recession had left manufacturers with far more big-screen TVs and washing machines than they could sell. The Indianapolis-based electronics chain was happy to buy the surplus. The low prices it paid enabled it to boost profit margins even near the bottom of a severe economic slump. Now the company is trying the same idea with stores.

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

Electronics retail chain hhgregg plans to open six stores in the Baltimore area later this year, filling a void left when Circuit City went out of business last year. The Indianapolis-based chain will open stores in Hanover, Annapolis, Catonsville, Bel Air, Towson and Glen Burnie - some in former Circuit City buildings. It expects to hire 50 people at each store. The openings are part of an expansion by the company in the Mid-Atlantic. The retailer hhgregg has nearly 130 stores in a number of states from Florida to Indiana.

RICHMOND, Va. -- Circuit City Stores Inc. said yesterday that its fiscal third-quarter earnings fell 37 percent as costs climbed and personal-computer sales weakened, even with sharp price cuts.The operator of consumer electronics and used-car stores said net income fell to $19.8 million, or 20 cents a share, from $31.5 million, or 32 cents, a year earlier.Circuit City had warned that it expected net income of 20 cents a share because of weak sales at the start of the holiday shopping season.

Would you buy a used car from this retailer?Circuit City Stores Inc., the giant home electronics chain, startled Wall Street, auto dealers and much of the retail world yesterday with an announcement that it was going into the used-car business.The news, tucked near the end of a news release detailing the company's financial results, overshadowed a 38 percent increase in profits in Circuit City's fiscal fourth quarter."I was a little surprised that the media picked up on that when we announced earnings that were above expectations and described our keymarkets and plans for expansion, all of which will have a big impact on our business," said Ann Collier, Circuit City's spokeswoman.

Net income slumped for Circuit City Stores Inc. during the retail chain's fourth quarter, but a securities analyst in Baltimore blames forces beyond the company's control."

RICHMOND, Va. -- Circuit City Stores Inc. said its fourth-quarter profit rose 11 percent, even though gross margins slipped because of increased competition and higher computer sales.For the quarter ended Feb. 28, the Richmond-based electronics and appliances retailer said net income rose to $67.7 million, or 70 cents a share, from $60.8 million, or 63 cents, a year earlier.Earnings were below a Wall Street estimate of 72 cents a share, according to a survey of 16 analysts by Zacks Investment Service.

Seventeen-year-old James Hill dreamed of becoming a landscape artist and building a house on a lot next to his parents' Pasadena home someday. But a freak accident Sunday night snatched his dreams away.The 1995 graduate of DeMatha High School was electrocuted while vacuuming a floor at the Circuit City store at 78 Mountain Road in Pasadena. James, of the 200 block of Brookfield Road in Pasadena, was pronounced dead at North Arundel Hospital just after 11 p.m. Sunday.Anne Arundel police said yesterday that James, a part-time employee at the electronics store, was vacuuming the floor in a back room shortly after 7:30 p.m. when sales manager Steve Monoiodis and Laurie Hendricks, another employee, heard a scream.

RICHMOND, Va. -- Circuit City Stores Inc. said yesterday that its fiscal second-quarter earnings fell 23 percent because of spending on special promotions and less demand for consumer electronics.Net income fell to $31.6 million, or 32 cents a share, in the quarter ended Aug. 31, from $41.2 million, or 42 cents, in the year-earlier period.Wall Street expected the nation's largest electronics retailer to earn 30 cents a share, according to 17 analysts polled by IBES International Inc.Sales rose 10 percent to $1.77 billion, from $1.60 billion in the year-earlier period, on sales of major appliances, the company said.

State gets $44 million for affordable housing Maryland will get more than $44 million in federal funds to spur development of affordable housing projects throughout the state that have been stalled because of the economic downturn, the U.S. Treasury Department announced today. Maryland is one of 12 states or territories selected to receive a total of $486 million this week in American Recovery and Reinvestment Act funding. The federal grants will be awarded to Maryland's Department of Housing and Community Development, which in turn will "subaward" the money as cash grants to help develop or preserve affordable rental projects that meet federal requirements for funding assistance.

Comcast 4Q profit falls with write-down PHILADELPHIA : Comcast Corp., the nation's largest cable TV provider, said yesterday that its fourth-quarter earnings fell 32 percent, hampered by a $600 million write-down of its investment in wireless technology provider Clearwire Corp. Comcast's revenue and adjusted earnings beat Wall Street estimates, and the company raised its dividend 8 percent. However, the Philadelphia-based company showed markedly slower growth in its video, high-speed Internet and phone businesses.

Bankrupt Circuit City Stores Inc. said yesterday that it is going out of business and will shut down its 567 stores in the United States, including 15 in Maryland, after a plan to sell the company failed. The country's second-largest consumer electronics chain employs more than 30,000 people who will now be out of work. A bankruptcy judge approved the company's liquidation plan yesterday, and sales could begin as soon as today. The company's demise was just one of many layoff announcements yesterday from companies in various industries and highlighted how the weak economy is affecting different sectors.

When the housing market was booming and credit was readily available, shoppers dropped thousands of dollars on big-screen televisions, stereo systems and the latest computer technology. But splurging on big-ticket items stopped with the turbulent economy. And now consumer electronics stores are feeling the pain. Circuit City announced yesterday it will close 20 percent of its more than 700 stores - including three in Maryland - and lay off 17 percent of its work force just after Christmas.

RICHMOND, Va. -- Circuit City Group, the No. 2 U.S. consumer-electronics retailer, said yesterday that it will pull the plug on its unprofitable Divx digital videodisc venture, resulting in a $114 million fiscal first-quarter charge.The retailer also said it will split its stock 2 for 1, and it reported better-than-expected first-quarter earnings before the Divx charge. Its shares yesterday rose $8.375 to $90.375.Circuit City invested about $200 million in Divx, hoping to capitalize on the growth of digital videodiscs.