SAN FRANCISCO (Dow Jones) -- Shares of Circuit City Stores Inc. slumped 10% late Monday after the company forecast a loss from continuing operations for the first quarter of fiscal 2008 and withdrew its previously issued outlook for the first half of the full-year 2008 period.
Shares of the electronics retailer fell to $15.70 in after-hours trade, down $1.75 .
Circuit City said it " experienced substantially below-plan sales" in April, mostly in large flat-panel and projection TVs.
The company subsequently said it expects to post a pre-tax loss from continuing operations of $80 million to $90 million in the first quarter of fiscal 2008; it also forecast pre-tax earnings from continuing operations as a percentage of consolidated net sales at the low end of its prior forecast range of 1.4% to 1.8% for the full-year 2008 period.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment