Circuit City 1Q comps down 11.3%

RICHMOND, Va. Circuit City reported that first quarter sales decreased 7.4% to $2.3 billion from $2.5 billion last year. Comparable-store sales decreased 11.3%.

The company reported a first quarter net loss of $164.8 million, or $1.00 per diluted share, compared with $54.8 million, or 33 cents per diluted share, for the first quarter of fiscal 2008.

Philip Schoonover, chairman, president and ceo of Circuit City Stores, commented, "Crisp execution of our retail turnaround efforts remains our primary focus. The outcome of those efforts will position Circuit City well for the future and help us to capitalize on the anticipated improvement in the macroeconomic climate during the second half of the fiscal year," concluded Schoonover.

For the second quarter, the company expects to record a loss from continuing operations before income taxes of $170 million to $185 million, compared with a loss of $128.2 million in the prior year second quarter. primary driver of the difference in expected second quarter results from actual first quarter results is higher expenses associated with more store openings.