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Retailer reports loss

Tuesday, June 17, 2003 | 9:46 a.m.

RICHMOND, Va. -- Circuit City Stores Inc. today reported lower sales and a net loss in its first quarter as the war in Iraq and general economic weakness kept consumer spending down.

Contributing to the loss was a drop in performance in the company's finance operation, and the company said it is exploring "all viable options for that operation."

Richmond-based Circuit City, the second-largest consumer electronics chain behind Best Buy Co., said it lost $43.9 million, or 21 cents a share, in the quarter ended May 31. That compared with net income of $28 million, or 8 cents a share, in the year-ago period.

The results were better than the 24 cent loss that analysts surveyed by Thomson First Call, which was revised earlier in June from an 8 cent loss, after company officials said that it expected a far wider loss because of the sluggish environment.

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