CIRCUIT CITY STORES, INC. REPORTS DECEMBER SALES
CIRCUIT CITY STORES, INC. REPORTS DECEMBER SALES RICHMOND, Va., Jan. 6 /PRNewswire/ -- Circuit City Stores, Inc.
(NYSE: CC) today reported December sales of $469.7 million, which represents a 16 percent increase from December 1990 sales of $406.1 million and a 2 percent increase in comparable store sales. Total sales for December 1990 have been restated to reflect a change in accounting for extended warranties.
"Our results continue to be affected by the overall weakness in retail sales and the aggressive promotional environment that has ensued," said Richard L. Sharp, Circuit City's president and chief executive officer. "Our overall performance met expectations given these conditions." In addition to the December results, Sharp announced that Circuit City plans to open approximately 30 Superstores during the fiscal year that begins March 1, 1992. The store openings will include additions to existing markets and entries into San Antonio and Corpus Christi, Texas; New Orleans and Baton Rouge, La.; Oklahoma City, Okla.; and Tuscon, Ariz. The company is evaluating additional market entries subject to competitive conditions and real estate opportunities. During December, the company opened one Impulse store at the Stonewood Center in Los Angeles, Calif. Circuit City is the nation's largest specialty retailer of brand- name consumer electronics and major appliances. With headquarters in Richmond, Va., it operates 184 Superstores, 10 Circuit City stores and 34 Impulse stores in the eastern, midwestern and western United States. -0- 1/6/92 /CONTACT: Ann M. Collier, Circuit City Stores, Inc. 804-527-4058/ (CC) CO: Circuit City Stores, Inc. ST: Virginia IN: REA SU:
CM -- CH001 -- 6764 01/06/92 09:09 EST
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|Date:||Jan 6, 1992|
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