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Circuit City Stores returns to profitability
Circuit City Stores has come out with their revenue reports and the company has posted profits compared to losses last year.
The company gained due to high demand for high price items like flat-panel televisions. The news also helped the company gain in the stock market as the prices went up by around 3%.
Circuit City also stood by its forecast for sales growth of 7 percent to 11 percent for the year. The company posted net income of $6.4 million, or 4 cents per share. This was a much better performance compared to losses of $13.1 million, or 7 cents per share, a year earlier.
Revenues for the company were up to $2.62 billion, beating the average forecast of $2.48 billion.