Circuit City 1Q comps down 11.3%
RICHMOND, Va. Circuit City reported that first quarter sales decreased 7.4% to $2.3 billion from $2.5 billion last year. Comparable-store sales decreased 11.3%.
The company reported a first quarter net loss of $164.8 million, or $1.00 per diluted share, compared with $54.8 million, or 33 cents per diluted share, for the first quarter of fiscal 2008.
Philip Schoonover, chairman, president and ceo of Circuit City Stores, commented, “Crisp execution of our retail turnaround efforts remains our primary focus. The outcome of those efforts will position Circuit City well for the future and help us to capitalize on the anticipated improvement in the macroeconomic climate during the second half of the fiscal year,” concluded Schoonover.
For the second quarter, the company expects to record a loss from continuing operations before income taxes of $170 million to $185 million, compared with a loss of $128.2 million in the prior year second quarter. primary driver of the difference in expected second quarter results from actual first quarter results is higher expenses associated with more store openings.
Widow of Stater Bros. founder passes away
SAN BERNARDINO, Calif. Jack Brown, chairman and ceo of Stater Bros. Markets, has announced the passing of Elsie Stater, widow of Stater Bros’. founder Cleo Stater.
Brown stated, “We will miss Elsie’s visits and calls to us. She lived many years in San Bernardino and maintained her local friendships with once-a-month lunch dates. She will be missed by all of the Stater Bros. “Family” of Employees.”
Michaelson leaves FreshDirect
NEW YORK Steve Michaelson, who had been president and ceo, hs left web grocer FreshDirect. Previous to his post at FreshDirect he had been senior vp of marketing and merchandising at Weis supermarkets and, before that, marketing vp at Wegman’s.