During the second quarter, we moved forward on a number of fronts. We're pleased with returning to second-quarter profitability for the first time in five years.
More Quotes from Alan McCollough:
Near term, we have seen a softening in our business, coincident with the onset of the war with Iraq. We believe the softening reflects consumer preoccupation with geopolitical events. It is too early, however, to understand the impact these events may have on results for the first quarter.Alan McCollough
We remain dissatisfied in the overall sales performance of our Circuit City business, ... no new trends on which to base any charges in earnings expectations.
Alan McCollough
We view the additional advertising expense during the quarter as an important investment in building the Circuit City brand. Since our retail stores team held labor expense relatively flat on a dollar basis, we were able to gain significant leverage on our higher level of sales as we continued work to optimize the labor model in our stores.
Alan McCollough
In December we saw strength in a broad number of categories, but we saw significant strength in flat panel televisions, MP3 players and accessories, notebook computers, video game hardware, navigation products and imaging products.
Alan McCollough
Sales were particularly strong in those categories that were expanded following last year's exit from the appliance business and which seasonally peak in December, ... These categories include video game hardware, software and accessories digital cameras personal computer software and accessories and DVD software.
Alan McCollough
The first-quarter comparable stores sales growth was slightly ahead of our expectations, with sales exceeding our outlook early in the quarter, but softening during the final month.
Alan McCollough
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