Circuit City reported yesterday that they’ve managed to lose $164.8 million in the first quarter, which is even more money than they managed to lose in the previous disastrous quarter. In fact, this will be their 5th straight losing quarter. Same-store sales, considered the most important indicator of the health of a retailer, dropped 11.3 percent. Ow!
“This is a quarter of steady progress,” CEO Philip J. Schoonover said in a conference call with investors. “We still have a long way to go, but I’m encouraged by what we’ve been able to accomplish.”
Accomplish? Does anyone want to tell Phil that he’s supposed to be selling electronics? No. That would be cruel.
Meanwhile, there’s been no word on Blockbuster’s plan to buy the troubled retailer. Presumably, they’re still thinking it over.
Circuit City loss increases; next quarter may be worse [Star-Tribune]
Circuit City Posts a Wider Loss as Sales Fall [NYT]
(Photo: cmorran123 )