Circuit City Stores Inc. (NYSE:CC) is down 9% after hours. That's because it announced that its loss was worse than reported and that its guidance was down according to Bloomberg News.In particular Circuit City expects to report a pretax loss of as much as $90 million this quarter. And it blamed sales that were "substantially below-plan" this month on competition to sell flat-panel and projection televisions. The company also withdrew its April 4 forecast of a pretax loss of $50 million in the first half of the fiscal year and a "strong recovery" in the second half.CC still doesn't realize that firing 3,400 people is contributing to its sales decline. Maybe it will announce another 3,400 layoffs soon.Peter Cohan is President of Peter S. Cohan & Associates, a ...
Circuit City Stores Inc. (NYSE:CC) is down 9% after hours. That's because it announced that its loss was worse than reported and that its guidance was down according to Bloomberg News.In particular Circuit City expects to report a pretax loss of as much as $90 million this quarter. And it blamed sales that were "substantially below-plan" this month on competition to sell flat-panel and projection televisions. The company also withdrew its April 4 forecast of a pretax loss of $50 million in the first half of the fiscal year and a "strong recovery" in the second half.CC still doesn't realize that firing 3,400 people is contributing to its sales decline. Maybe it will announce another 3,400 layoffs soon.Peter Cohan is President of Peter S. Cohan & Associates, a ...
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