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Earnings Analysis: 
Circuit City Loss Widens; Walgreen Net Up
Author: 123jump.com Staff
123jump.com
Last Update: 8:55 PM ET September 29 2008



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Circuit City Stores, Inc a consumer electronics retailer second quarter sales dropped 9.6% to $2.4 billion and net loss widened to $239.2 million or $1.45 a share. Steelcase Inc a manufacturer of office furniture second quarter revenues rose 9.3% to $902 million and net income fell 17%.

 
2:30PM New York - Circuit City Stores, Inc sales rose 9.6% and net loss was $239.2 million. Steelcase Inc revenue rose 9.3% and net income fell 17%. Walgreen Company revenues rose 9% and net income rose 12%.

Circuit City Stores, Inc, a specialty retailer of consumer electronics second quarter sales fell 9.6% to $2.39 billion from $2.64 billion a year ago. Net loss in the quarter was $239.2 million or $1.45 per diluted share compared to net loss of $62.8 million or 38 cents per share, a year ago.

Comparable store sales decreased 13.3%.

Circuit City Stores, Inc (CC) in the last one year traded as high as $9.65 in October 2007 and as low as $1.33 in August 2008. Based on the Friday’s trading closing price the company has a market cap of $230.86 million.

Steelcase Inc, a designer, marketer and manufacturer of office furniture and complementary products and services reported second quarter revenues rose 9.3% to $901.8 million from $825.2 million a year ago. Net income in the quarter fell 17% to $31.4 million or 23 cents per diluted share compared to net income of $37.7 million or 26 cents per share, a year ago.

Steelcase Inc (SCS) in the last one year traded as high as $19.31 in October 2007 and as low as $8.92 in July 2008. Based on the Friday’s trading closing price the company has a market cap of $1.41 billion.

Walgreen Company, the operator of retail drugstore chain reported fourth quarter revenues rose 9% to $14.6 billion from $13.42 billion a year ago. Net income in the quarter rose 12% to $443 million or 45 cents per diluted share compared to net income of $396.5 million or 40 cents per share, a year ago.

Comparable store sales rose 2.6%.

Fiscal 2008 net earnings increased 5.7% to $2.16 billion versus last year’s $2.04 billion. Net earnings per share for fiscal year increased 6.9% to $2.17 per diluted share compared to $2.03 a share a year ago.

Walgreen Company (WAG) in the last one year traded as high as $48.09 in September 2007 and as low as $31.00 in September 2008. Based on the Friday’s trading closing price the company has a market cap of $32.40 billion.
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Market data: BATS Exchange. Inc.

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