Posts a large loss
Last modified on Monday, 24 December 2007 14:39
While some retailers in the U.S. and Canada are reporting increased sales for the holiday season, Circuit City is not among them. Circuit City posted a third quarter loss and CEO, Philip J. Schoonover, warned that the loss will continue into the next quarter. This means that Circuit City will not turn a profit this holiday season, normally the best time of the year for electronics retailers like Circuit City.
Schoonover reported that Circuit City lost $208 million for the quarter ending the 30th of November and that they expect a moderate loss for the current quarter which will end in February. Schoonover said that the losses are self-induced and they expect to be able to improve the situation moving forward.