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CIRCUIT CITY STORES, INC., REPORTS FIRST QUARTER RESULTS

 RICHMOND, Va., June 14 /PRNewswire/ -- Circuit City Stores, Inc. (NYSE: CC), today reported a 51 percent increase in net earnings for the first quarter ended May 31, 1993.
 Net earnings for the first quarter were $17.2 million compared with $11.4 million in the same period last year. Net earnings per share increased 50 percent to 18 cents from 12 cents. Total sales rose 24 percent for the quarter to $799.0 million from $644.8 million in the same period last year. Comparable store sales rose 9 percent.
 "The first quarter results reflect the strength of Circuit City's consumer offer and the continued success of our geographic expansion program," said Richard L. Sharp, Circuit City's president and chief executive officer. During the quarter, the company continued its entry into the Boston market with the opening of six additional Superstores.
 "The competitive environment and a higher percentage of computers in our total sales mix resulted in a reduction in the first quarter gross profit margin to 26.9 percent of sales from 28.2 percent in the same period last year," Sharp said. "An improvement in the expense ratio to 23.4 percent of sales from 25.3 percent more than offset the lower gross margin. The continued improvement in the ratio reflects productivity gains, especially in advertising and store staffing, and contributions from our private-label credit card program."
 The better expense ratio resulted in a higher net profit margin of 2.2 percent in this year's first quarter versus 1.8 percent in the first quarter of last year.
 Circuit City Stores, Inc., is the nation's largest specialty retailer of brand-name consumer electronics and major appliances. With headquarters in Richmond, it operates 220 Superstores, seven Circuit City stores and 39 smaller, mall-based stores in the eastern, midwestern and western United States.
 CIRCUIT CITY STORES, INC.
 Consolidated Statement of Earnings -- Periods Ending May 31
 (Amounts in thousands except per share data)
 Three Months
 1993 1992
 SALES & REVENUE $ 798,950 $ 644,840
 Cost of Sales, Buying
 and Warehousing 583,884 462,677
 GROSS PROFIT 215,066 182,163
 Selling, General and
 Administrative Expenses 186,926 163,012
 Interest Expense 791 1,081
 EARNINGS BEFORE INCOME TAXES 27,349 18,070
 Provision for Income Taxes 10,119 6,686
 NET EARNINGS $ 17,230 $ 11,384
 Net Earnings Per Share $ 0.18 $ 0.12
 Weighted Average Number
 Common Shares and
 Equivalents Outstanding 97,761 96,021
 -0- 6/14/93
 /CONTACT: Ann M. Collier of Circuit City Stores, Inc., 804-527-4058/
 (CC)


CO: Circuit City Stores, Inc. ST: Virginia IN: REA SU: ERN

MH-TW -- DC006 -- 1436 06/14/93 08:53 EST
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Date:Jun 14, 1993
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