Circuit City & Best Buy
Circuit City which put itself up for sale last month, posted a wider Q1 loss and a sales decline that surpassed analysts' estimates.
Same store sales -11%; revenue -7.4% for a 5th straight quarterly decline; net loss widened to $164 million vs $54 million.
The #2 US electronics retailer gave lowered forward guidance and suspended future dividend payments to save cash.
Circuit City's cash and short-term investments fell 75% to $92.2 million vs $127.6 million in long and short term debt as of May 31.
Best Buy, #1 US electronics retailer despite sales +13% and same store sales +3.7%; reported a Q1 profit decline of 6.8%.
Same store sales -11%; revenue -7.4% for a 5th straight quarterly decline; net loss widened to $164 million vs $54 million.
The #2 US electronics retailer gave lowered forward guidance and suspended future dividend payments to save cash.
Circuit City's cash and short-term investments fell 75% to $92.2 million vs $127.6 million in long and short term debt as of May 31.
Best Buy, #1 US electronics retailer despite sales +13% and same store sales +3.7%; reported a Q1 profit decline of 6.8%.
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