Circuit City post losses in the most recent quarter

Circuit City post losses in the most recent quarter

Retaining major Circuit City Stores has come out with their latest revenue reports and they have posted a loss in the third quarter.

The company suffered from the huge discounts they offered on flat-panel televisions and computer hardware and software.

Circuit City has now lowered its full-year sales outlook. This report led to a massive drop in the company’s share price at the stock exchange.

The company has posted a loss of $16 million. They had posted profits of $10.1 million in the same period last year.

Philip J. Schoonover, the company’s chief executive said in a statement: “Although flat panel television unit sales increased by strong double digits, the increase in television units and associated attachment sales did not produce the gross profit dollar results necessary to offset these price declines.”