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Circuit City Stores, Inc. has released financial details from its first fiscal quarter, which ended May 31, 2004.
Total sales grew 6.0 percent in the quarter to $2.07 billion, from $1.93 billion one year previously. A net loss of $5.2 million ($0.03 per share) from continuing operations was realized, versus a year-ago, same quarter net loss, again from continuing operations, of $28.1 million ($0.14 per share). The just-ended quarter’s net loss included costs of approximately $4.0 million from after-tax transition and transaction costs related to “the disposition of the private-label finance operation.”
Comparable store merchandise sales rose 6.4 percent in the three-month period. InterTAN, a Canadian-based electronics retailer that Circuit City formally acquired on May 12, 2004, contributed $21.7 million in sales to first quarter sales results. “InterTAN did not have a material impact on the net loss from continuing operations.”
