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Circuit City Stores, Inc. Reports Second Quarter Results

Mr Roger K. Olsson | 20.09.2007 13:19 | Analysis | Other Press | Technology | London | World

Giuen Media



Thursday, September 20, 2007


RICHMOND, Va., Sep. 20, 2007 (PR Newswire delivered by Newstex) -- Circuit City Stores, Inc. (NYSE: CC) today reported results for the second quarter ended August 31, 2007.

Statements of Operations Highlights Three Months Ended August 31 2007 2006 (Dollar amounts in millions % of % of except per share data) $ Sales $ Sales Net sales $2,644.0 100.0% $2,818.5 100.0% Gross profit $546.0 20.7% $670.1 23.8% Selling, general and administrative expenses $677.9 25.6% $656.7 23.3% (Loss) earnings from continuing operations before income taxes $(128.2) (4.8)% $19.2 0.7% Net (loss) earnings from continuing operations $(63.1) (2.4)% $11.7 0.4% Net (loss) earnings $(62.8) (2.4)% $10.0 0.4% Net (loss) earnings per share from continuing operations $(0.38) - $0.07 - Net (loss) earnings per share $(0.38) - $0.06 - Six Months Ended August 31 2007 2006 (Dollar amounts in millions % of % of except per share data) $ Sales $ Sales Net sales $5,129.5 100.0% $5,415.1 100.0% Gross profit $1,106.2 21.6% $1,305.9 24.1% Selling, general and administrative expenses $1,326.3 25.9% $1,291.0 23.8% (Loss) earnings from continuing operations before income taxes $(210.6) (4.1)% $27.5 0.5% Net (loss) earnings from continuing operations $(117.9) (2.3)% $17.0 0.3% Net (loss) earnings $(117.4) (2.3)% $16.4 0.3% Net (loss) earnings per share from continuing operations $(0.71) - $0.10 - Net (loss) earnings per share $(0.71) - $0.09 - Balance Sheets Highlights August 31 (Dollar amounts in millions) 2007 2006 % Change Cash, cash equivalents and short-term investments $424.4 $599.6 (29)% Merchandise inventory $1,833.2 $1,849.5 (1)% Merchandise payable $1,110.2 $983.0 13% Long-term debt, including current installments $59.0 $55.4 7% Stockholders' equity $1,637.0 $1,915.3 (15)% Second Quarter Summary -- Net sales declined 6.2 percent, driven by a comparable store sales decline of 7.9 percent. In the same period last fiscal year, the company posted total sales growth of 11.1 percent and comparable store sales growth of 8.5 percent. -- In the domestic segment, direct channel sales grew 20 percent and PC services and home theater installation revenues grew 22 percent versus the prior year. -- Gross profit margin decreased 313 basis points compared with last year's result due to a decrease in merchandise margins, which was driven primarily by a decrease in domestic segment extended warranty net sales and a greater mix of PC hardware sales as well as a decrease in PC hardware and television margins. -- SG&A expenses as a percentage of net sales increased from the prior year by 234 basis points, which primarily reflects the deleveraging impact of lower sales and incremental expenses associated with new stores, information technology and services. -- The loss from continuing operations before income taxes was 4.8 percent of net sales compared with earnings from continuing operations before income taxes of 0.7 percent of net sales in the prior year. -- The company reported a loss from continuing operations of 38 cents per diluted share compared with earnings from continuing operations of 7 cents per diluted share in the prior year. -- The company's cash, cash equivalents and short-term investments decreased by $175.2 million from a year earlier to $424.4 million, driven by $320.4 million in purchases of property and equipment and $194.3 million in stock repurchases and dividend payments. These uses of cash were partially offset by cash provided by operations, including a $143.5 million improvement in net-owned inventory, and cash provided by the issuance of common stock.
'While we are not satisfied with the financial performance for the quarter, we made solid progress on our multi-year turnaround plan to increase productivity and to improve the customer experience,' said Philip J. Schoonover, chairman, president and chief executive officer of Circuit City Stores, Inc. 'We expected the changes to be disruptive in the near-term, but necessary to deliver long-term profitable growth through our four areas of strategic focus - home entertainment, new store openings, multi-channel and digital home services.

'In the domestic segment, we implemented new retail standard operating procedures across more than 650 stores; invested in growth by opening 9 incremental and 4 relocated Superstores; grew direct channel sales by 20 percent and services revenues by 22 percent; and increased the sales of flat panel televisions each month of the quarter.

'Our domestic segment comparable store sales changes improved each month of the quarter. This improvement and the results from the 65 learning center stores that are used to roll out our transformation changes, all of which have completed the implementation of the new operating platform, lead us to believe that the store-level changes are having a positive impact on the customer experience.'

A summary of results by segment is shown in Table 1.

Sales

For the second quarter ended August 31, 2007, net sales decreased 6.2 percent to $2.64 billion from $2.82 billion in the same period last year, with consolidated comparable store sales decreasing 7.9 percent from the prior year. A summary of net sales results is shown in Table 2.

Domestic Segment Sales

For the second quarter, net sales for the domestic segment decreased 6.3 percent to $2.51 billion from $2.68 billion in the same period last year, with comparable store sales decreasing 8.0 percent from the prior year. For the quarter in the domestic segment, direct channel sales, including Web- and call center-originated sales, grew 20 percent, and PC services and home theater installation revenues grew 22 percent from the prior year.

During the second quarter, the domestic segment opened nine incremental Superstores and relocated four Superstores.

The net sales represented by each major category for the periods ended August 31, 2007 and 2006, are shown in Table 3.

In the video category, Circuit City generated a double-digit comparable store sales decrease in the second quarter. Comparable store sales of flat panel televisions increased by double digits. Total television comparable store sales decreased by double digits, as significant comparable store sales decreases in projection and tube televisions more than offset the flat panel television increase. Comparable store sales of digital imaging products and accessories decreased by a low single digit. Comparable store sales of camcorders and DVD hardware declined by double digits.

In the information technology category, Circuit City generated a low- single-digit comparable store sales increase in the second quarter. Comparable store sales of notebook computers increased by double digits, and comparable store sales of desktop computers declined by a low single digit compared with the prior year.

In the audio category, Circuit City generated a double-digit comparable store sales decrease in the second quarter. Comparable store sales of navigation products increased by strong double digits. Comparable store sales of portable digital audio, mobile, home audio and digital satellite radio products declined by double digits.

In the entertainment category, Circuit City generated a high-single-digit comparable store sales increase in the second quarter, reflecting a strong double-digit comparable store sales increase in video gaming products and a double-digit comparable store sales increase in PC software. Comparable store sales of video software and music software declined by double digits.

Domestic segment extended warranty net sales were $67.0 million, or 2.7 percent of domestic segment net sales, in the second quarter, compared with $107.7 million, or 4.0 percent of domestic segment net sales, in the same period last year. PC services and home theater installation revenues increased 22 percent to $63.6 million from $52.1 million in the same period last year.

International Segment Sales

For the second quarter, net sales for the international segment decreased 3.9 percent to $132.5 million from $137.9 million in the same period last fiscal year. The decrease was driven by the impact of the year-over-year decrease of 57 retail stores and dealer outlets, net of openings, as well as the comparable store sales decline of 4.4 percent in local currency for the quarter. The effect of fluctuations in foreign currency exchange rates favorably impacted the sales decline by approximately 5 percentage points.

Gross Profit

The consolidated gross profit margin was 20.7 percent in the second quarter compared with 23.8 percent in the same period last fiscal year. Domestic segment gross profit margin decreased 331 basis points from the prior year. The decrease was driven by a decrease in domestic segment extended warranty net sales and a greater mix of PC hardware sales as well as a decrease in PC hardware and television margins.

The international segment's second quarter gross profit margin was flat compared to last year's result and did not materially impact the consolidated gross profit margin decline.

Selling, General and Administrative Expenses

Selling, general and administrative (SG&A) expenses were 25.6 percent of consolidated net sales in the second quarter, compared with 23.3 percent of consolidated net sales in the same period last year.

The domestic segment's SG&A expense-to-sales ratio increased 245 basis points. The increase primarily reflects the overall deleveraging impact of lower sales; 133 basis points in occupancy costs due primarily to store openings; and 73 basis points in incremental expenses in information technology and services. The unfavorable impacts were partially offset by a decrease in compensation and travel expenses that resulted from our expense reduction initiatives.

The international segment's SG&A expense-to-sales ratio was relatively flat compared to last year's result and did not materially impact the consolidated expense-to-sales ratio increase.

A summary of selling, general and administrative expenses by category is shown in Table 4.

Net (Loss) Earnings from Continuing Operations

The fiscal 2008 second quarter net loss from continuing operations totaled $63.1 million, or 38 cents per diluted share, compared with net earnings from continuing operations of $11.7 million, or 7 cents per diluted share, for the second quarter of fiscal 2007.

Financial Condition

At August 31, 2007, Circuit City had cash, cash equivalents and short-term investments of $424.4 million compared with $599.6 million at August 31, 2006. The $175.2 million decrease was driven primarily by $320.4 million in purchases of property and equipment and $194.3 million in stock repurchases and dividend payments. These uses of cash were partially offset by cash provided by operations, including a $143.5 million improvement in net-owned inventory, and cash provided by the issuance of common stock.

Merchandise inventory decreased 0.9 percent to $1.83 billion from $1.85 billion last year. Merchandise payable increased 12.9 percent to $1.11 billion from $983.0 million due primarily to timing of payments. Net-owned inventory decreased by $143.5 million, of which domestic segment net-owned inventory decreased by $106.4 million, compared with the prior year.

At August 31, 2007, Circuit City had $59.0 million in long-term debt, primarily related to capital leases, and no short-term debt.

Capital expenditures, net of landlord reimbursements, for the second quarter totaled $69.9 million.

Stock Buyback

Circuit City did not repurchase stock during the second quarter. As of August 31, 2007, the company had repurchased 60.4 million shares under this authorization at a cost of $966.3 million, excluding commission fees.

Updated Fiscal 2008 Outlook

The company expects continued weakness in its third quarter results, with a net loss from continuing operations less than that of the second quarter. The improvement will result from stabilizing performance levels as the pace of change slows in both the stores and the store support center. The company expects to deliver a net profit for the fourth quarter and a full-year net loss from continuing operations.

The company continues to expect to open 60 to 65 incremental and relocated domestic segment Superstores in fiscal 2008. Domestic segment Superstore openings estimates are shown in Table 5. The timing of store openings depends

upon a number of factors and can change during the year. The company expects approximately two-thirds of the openings to be in a 20,000 square foot format.

Conference Call Information

Circuit City will host a conference call for investors at 11:00 a.m. EDT today. Investors in the United States and Canada may access the call at (800) 399-0127. Other investors may access the call at (706) 634-7512. A live Web cast of the conference call will be available on the company's investor information home page at  http://investor.circuitcity.com.

A replay of the call will be available by approximately 2:00 p.m. EDT today and will remain available through September 27. Investors in the United States and Canada may access the recording at (800) 642-1687, and other investors may dial (706) 645-9291. The access code for the replay is 14906679. A replay of the call also will be available on the Circuit City investor information home page.

About Circuit City Stores, Inc.

Circuit City Stores, Inc. (NYSE:CC) is a leading specialty retailer of consumer electronics and related services. At August 31, the domestic segment operated 652 Superstores and 13 other locations in 158 U.S. media markets. At August 31, the international segment operated through 800 retail stores and dealer outlets in Canada. Circuit City also operates Web sites at www.circuitcity.com, www.thesource.ca and www.firedog.com.

Forward-Looking Statements

Statements made in this release, other than those concerning historical financial information, may be considered forward-looking statements, which are subject to risks and uncertainties, including without limitation: (1) the impact of pricing and promotional activities of the company's competitors and the company's response to those actions, (2) the pace of commoditization of consumer electronics, (3) the ability of vendors to fulfill merchandise orders and allocation commitments, (4) the company's ability to control and leverage expenses as a percentage of sales, (5) general economic conditions, including, without limitation, changes in interest rates, consumer sentiment and commodity pricing, (6) the company's ability to generate sales and margin growth through expanded service offerings, (7) the company's ability to continue to generate strong sales growth in key product categories and through its direct sales channel, (8) the impact of initiatives related to upgrading merchandising, marketing, point-of-sale and information systems on revenue and margin and the costs associated with these investments, (9) the availability of real estate that meets the company's criteria for new and relocating stores and (10) the company's strategic evaluation of the international segment, including the impact of changes in credit markets. Discussion of additional factors that could cause actual results to differ materially from management's projections, forecasts, estimates and expectations is set forth under Management's Discussion and Analysis of Results of Operations and Financial Condition in the Circuit City Stores, Inc. Annual Report on Form 10-K for the fiscal year ended February 28, 2007, in the Quarterly Report on Form 10-Q for the fiscal quarter ended May 31, 2007, and in the company's other SEC filings. A copy of the annual report is available on the company's investor information Web site at  http://investor.circuitcity.com.
CIRCUIT CITY STORES, INC. CONSOLIDATED STATEMENTS OF OPERATIONS PERIODS ENDED AUGUST 31 (UNAUDITED) (Amounts in thousands except per share data) Three Months Six Months 2007 2006 2007 2006 NET SALES $2,643,968 $2,818,498 $5,129,505 $5,415,113 Cost of sales, buying and warehousing 2,097,957 2,148,355 4,023,309 4,109,206 GROSS PROFIT 546,011 670,143 1,106,196 1,305,907 Selling, general and administrative expenses 677,909 656,670 1,326,263 1,290,962 OPERATING (LOSS) INCOME (131,898) 13,473 (220,067) 14,945 Interest income 3,858 5,794 9,595 12,840 Interest expense 124 113 167 325 (Loss) earnings from continuing operations before income taxes (128,164) 19,154 (210,639) 27,460 Income tax (benefit) expense (65,110) 7,499 (92,773) 10,498 NET (LOSS) EARNINGS FROM CONTINUING OPERATIONS (63,054) 11,655 (117,866) 16,962 EARNINGS (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX 218 (1,614) 464 (2,322) CUMULATIVE EFFECT OF CHANGE IN ACCOUNTING PRINCIPLE, NET OF TAX - - - 1,773 NET (LOSS) EARNINGS $(62,836) $10,041 $(117,402) $16,413 Weighted average common shares: Basic 164,837 169,973 165,340 170,514 Diluted 164,837 174,659 165,340 175,458 (LOSS) EARNINGS PER SHARE: Basic Continuing operations $(0.38) $0.07 $(0.71) $0.10 Discontinued operations $- $(0.01) $- $(0.01) Cumulative effect of change in accounting principle $- $- $- $0.01 Basic (loss) earnings per share $(0.38) $0.06 $(0.71) $0.10 Diluted: Continuing operations $(0.38) $0.07 $(0.71) $0.10 Discontinued operations $- $(0.01) $- $(0.01) Cumulative effect of change in accounting principle $- $- $- $0.01 Diluted (loss) earnings per share $(0.38) $0.06 $(0.71) $0.09 CIRCUIT CITY STORES, INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Amounts in thousands) August 31 2007 2006 ASSETS Current Assets: Cash and cash equivalents $130,899 $296,130 Short-term investments 293,503 303,455 Accounts receivable, net of allowance for doubtful accounts 304,957 303,085 Merchandise inventory 1,833,226 1,849,480 Deferred income taxes 107,187 32,818 Income tax receivable 103,476 1,685 Prepaid expenses and other current assets 73,884 57,870 Total Current Assets 2,847,132 2,844,523 Property and equipment, net of accumulated depreciation 974,421 884,626 Deferred income taxes 26,613 101,478 Goodwill 134,863 229,055 Other intangible assets, net of accumulated amortization 18,846 26,630 Other assets 35,633 43,572 TOTAL ASSETS $4,037,508 $4,129,884 LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Merchandise payable $1,110,223 $982,980 Expenses payable 293,192 288,874 Accrued expenses and other current liabilities 359,482 346,195 Accrued compensation 69,723 69,392 Accrued income taxes 21,136 3,050 Short-term debt - 31,661 Current installments of long-term debt 8,272 7,178 Total Current Liabilities 1,862,028 1,729,330 Long-term debt, excluding current installments 50,710 48,191 Accrued straight-line rent and deferred rent credits 283,679 260,173 Accrued lease termination costs 68,967 72,860 Deferred income taxes - 2,127 Other liabilities 135,075 101,950 TOTAL LIABILITIES 2,400,459 2,214,631 Stockholders' Equity: Common stock 84,293 86,986 Additional paid-in capital 310,991 402,199 Retained earnings 1,196,982 1,374,995 Accumulated other comprehensive income 44,783 51,073 TOTAL STOCKHOLDERS' EQUITY 1,637,049 1,915,253 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $4,037,508 $4,129,884 Table 1: Segment Performance Summary Domestic Segment Three Months Ended August 31 2007 2006 % of % of (Dollar amounts in millions) $ Sales $ Sales Net sales $2,511.4 100.0 % $2,680.6 100.0 % Gross profit $497.5 19.8 % $619.6 23.1 % Selling, general and administrative expenses $631.4 25.1 % $608.4 22.7 % Net (loss) earnings from continuing operations $(63.2) (2.5)% $10.5 0.4 % Domestic Segment Six Months Ended August 31 2007 2006 % of % of (Dollar amounts in millions) $ Sales $ Sales Net sales $4,888.3 100.0 % $5,166.1 100.0 % Gross profit $1,017.9 20.8 % $1,214.5 23.5 % Selling, general and administrative expenses $1,243.9 25.4 % $1,196.0 23.2 % Net (loss) earnings from continuing operations $(120.6) (2.5)% $19.8 0.4 % International Segment Three Months Ended August 31 2007 2006 % of % of (Dollar amounts in millions) $ Sales $ Sales Net sales $132.5 100.0 % $137.9 100.0 % Gross profit $48.5 36.6 % $50.5 36.6 % Selling, general and administrative expenses $46.5 35.1 % $48.3 35.0 % Net earnings (loss) from continuing operations $0.1 0.1 % $1.2 0.9 % International Segment Six Months Ended August 31 2007 2006 % of % of (Dollar amounts in millions) $ Sales $ Sales Net sales $241.2 100.0 % $249.0 100.0 % Gross profit $88.2 36.6 % $91.4 36.7 % Selling, general and administrative expenses $82.4 34.2 % $95.0 38.1 % Net earnings (loss) from continuing operations $2.8 1.1 % $(2.8) (1.1)% Table 2: Net Sales Summary Three Months Ended August 31 Compar Year- able Over- Store Year Sales (Dollar amounts in millions) 2007 2006 Change Change(a) Domestic segment net sales $2,511.4 $2,680.6 (6.3)% (8.0)% International segment net sales 132.5 137.9 (3.9)% (4.4)% Net sales $2,644.0 $2,818.5 (6.2)% (7.9)% Six Months Ended August 31 Compar Year- able Over- Store Year Sales (Dollar amounts in millions) 2007 2006 Change Change(a) Domestic segment net sales $4,888.3 $5,166.1 (5.4)% (7.0)% International segment net sales 241.2 249.0 (3.1)% (0.3)% Net sales $5,129.5 $5,415.1 (5.3)% (6.8)% (a) A store's sales are included in comparable store sales after the store has been open for a full 12 months. In addition, comparable store sales include Web-originated sales and sales from relocated and remodeled stores. The calculation of comparable store sales excludes the impact of fluctuations in foreign currency exchange rates. Table 3: Net Sales by Category Domestic Segment Three Months Ended August 31 2007 2006 (a) % of % of (Dollar amounts in millions) $ sales $ sales Video $948.2 37.8 % $1,067.5 39.8 % Information technology 774.7 30.8 743.0 27.7 Audio 325.8 13.0 388.7 14.5 Entertainment 267.1 10.6 242.1 9.1 Warranty, services and other(b) 195.6 7.8 239.3 8.9 Total $2,511.4 100.0 % $2,680.6 100.0 % Domestic Segment Six Months Ended August 31 2007 2006 (a) % of % of (Dollar amounts in millions) $ sales $ sales Video $1,882.2 38.5 % $2,099.3 40.6 % Information technology 1,403.3 28.7 1,361.8 26.4 Audio 660.7 13.5 769.3 14.9 Entertainment 539.7 11.1 500.9 9.7 Warranty, services and other(b) 402.5 8.2 434.8 8.4 Total $4,888.3 100.0 % $5,166.1 100.0 % (a) We have adapted our presentation of sales by category to represent total sales and have reclassified certain sales from video and information technology to warranty, services and other. (b) Warranty, services and other includes extended warranty net sales; revenues from computer-related services, mobile installations, home theater installations and product repairs; net financing; and revenues from third parties for services subscriptions. International Segment Three Months Ended August 31 2007 2006 % of % of (Dollar amounts in millions) $ sales $ sales Video $26.2 19.7 % $27.4 19.9 % Information technology 46.6 35.2 53.0 38.4 Audio 45.2 34.1 43.9 31.9 Entertainment 6.2 4.7 4.8 3.5 Warranty, services and other(a) 8.3 6.3 8.7 6.3 Total $132.5 100.0 % $137.9 100.0 % International Segment Six Months Ended August 31 2007 2006 % of % of (Dollar amounts in millions) $ sales $ sales Video $46.2 19.2 % $47.9 19.2 % Information technology 86.4 35.7 97.6 39.2 Audio 81.7 33.9 79.7 32.0 Entertainment 11.2 4.7 8.0 3.2 Warranty, services and other(a) 15.6 6.5 15.8 6.3 Total $241.2 100.0 % $249.0 100.0 % (a) Warranty, services and other includes extended warranty sales and product repair revenue. Table 4: Selling, General and Administrative Expenses Consolidated Three Months Ended August 31 2007 2006 % of % of (Dollar amounts in millions) $ Sales $ Sales Store expenses $566.1 21.4 % $563.1 20.0 % General and administrative expenses 99.3 3.8 83.6 3.0 Stock-based compensation expense 5.7 0.2 6.6 0.2 Remodel expenses - - 0.5 - Relocation expenses 3.4 0.1 0.5 - Pre-opening expenses 3.4 0.1 2.4 0.1 Total $677.9 25.6 % $656.7 23.3 % Consolidated Six Months Ended August 31 2007 2006 % of % of (Dollar amounts in millions) $ Sales $ Sales Store expenses $1,122.9 21.9 % $1,097.1 20.3 % General and administrative expenses 184.8 3.6 171.0 3.2 Stock-based compensation expense 10.2 0.2 15.3 0.3 Remodel expenses - - 0.5 - Relocation expenses 4.5 0.1 2.0 - Pre-opening expenses 3.9 0.1 5.0 0.1 Total $1,326.3 25.9 % $1,291.0 23.8 % Domestic Segment Three Months Ended August 31 2007 2006 % of % of (Dollar amounts in millions) $ Sales $ Sales Store expenses $527.4 21.0 % $524.2 19.6 % General and administrative expenses 91.7 3.7 74.5 2.8 Stock-based compensation expense 5.6 0.2 6.4 0.2 Remodel expenses - - 0.5 - Relocation expenses 3.4 0.1 0.5 - Pre-opening expenses 3.4 0.1 2.4 0.1 Total $631.4 25.1 % $608.4 22.7 % Domestic Segment Six Months Ended August 31 2007 2006 % of % of (Dollar amounts in millions) $ Sales $ Sales Store expenses $1,051.5 21.5 % $1,021.1 19.8 % General and administrative expenses 174.1 3.6 153.3 3.0 Stock-based compensation expense 9.9 0.2 14.0 0.3 Remodel expenses - - 0.5 - Relocation expenses 4.5 0.1 2.0 - Pre-opening expenses 3.9 0.1 5.0 0.1 Total $1,243.9 25.4 % $1,196.0 23.2 % International Segment Three Months Ended August 31 2007 2006 % of % of (Dollar amounts in millions) $ Sales $ Sales Store expenses $38.8 29.3 % $38.9 28.2 % General and administrative expenses 7.5 5.7 9.2 6.7 Stock-based compensation expense 0.2 0.1 0.2 0.1 Total $46.5 35.1 % $48.3 35.0 % International Segment Six Months Ended August 31 2007 2006 % of % of (Dollar amounts in millions) $ Sales $ Sales Store expenses $71.4 29.6 % $76.0 30.5 % General and administrative expenses 10.7 4.4 17.7 7.1 Stock-based compensation expense 0.3 0.1 1.3 0.5 Total $82.4 34.2 % $95.0 38.1 % Table 5: Domestic Segment Superstore Openings Estimates Q1(a) Q2(a) Q3 Q4 FY08 Incremental Superstores 0 9 18-19 16-18 43-46 Relocated Superstores 1 4 7-8 5-6 17-19 Total Superstore openings 1 13 25-27 21-24 60-65 (a) First and second quarter openings are actual. On February 26, 2007, the company closed one store in advance of opening a replacement store in the first quarter of fiscal 2008. The replacement store is included in relocations for the first quarter of fiscal 2008. (Logo:  http://www.newscom.com/cgi-bin/prnh/20010709/CCLOGO)
SOURCE Circuit City Stores, Inc.



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Mr Roger K. Olsson
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