CIRCUIT CITY STORES, INC. REPORTS NOVEMBER SALES
CIRCUIT CITY STORES, INC. REPORTS NOVEMBER SALES RICHMOND, Va., Dec. 5 /PRNewswire/ -- Circuit City Stores, Inc.
(NYSE: CC) today reported November sales of $274.6 million, which represents a 20 percent increase from November 1990 sales of $228.0 million and a 4 percent increase in comparable store sales.
Sales for the third quarter ended Nov. 30, 1991, were $694.3 million, a 19 percent increase from $585.0 million in the third quarter of last year. Comparable store sales rose 1 percent for the quarter. Total sales for November 1990 and for last year's third quarter have been restated to reflect a change in accounting for extended warranties. "Comparable store sales in November exceeded our expectations but reflected a more aggressive promotional stance," said Richard L. Sharp, Circuit City's president and chief executive officer. "We believe that the overall environment for sales in our product categories remains weak." Circuit City continued its Superstore expansion program during the month, opening eight Superstores. The openings included the company's first two stores in Austin, Texas, and its first store in Hickory, N.C. Superstores were added in Los Angeles, Calif.; San Diego, Calif.; and Houston, Texas; and Superstores replaced smaller consumer electronics-only stores in Savannah, Ga., and Lynchburg, Va. In addition to the Superstores, the company opened three Impulse mall stores in Costa Mesa, Calif.; Richmond, Va.; and St. Charles, Ill. 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 33 Impulse stores in the eastern, midwestern and western United States. -0- 12/5/91 /CONTACT: Ann M. Collier, Circuit City Stores, Inc., 804-527-4058/ (CC) CO: Circuit City Stores, Inc. ST: Virginia IN: REA SU:
CM -- CH002 -- 9510 12/05/91 09:08 EST
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|Date:||Dec 5, 1991|
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