11:00AM New York – Circuit City net falls on decline in same store sales, the insurer Progressive net suffers on higher operating costs and Pier 1 comparable same store sales rose.

Circuit City Stores, Inc electronics gadgets retailer said sales in fourth quarter ended February 29, 2008 decreased 7.7% to $3.65 billion from $3.95 billion in the prior year and comparable store sales plunged 10.4%.

For the fourth quarter, net sales for the domestic segment decreased 8.8% to $3.45 billion from $3.78 billion last year, with comparable store sales decreasing 11.3%.

Net earnings in the quarter from continuing operations totaled $4.5 million, or 3 cents per share, compared with a net loss of $7.2 million, or 4 cents per share a year ago.

Net sales for the fiscal year ended February 29, 2008 decreased 5.5% to $11.74 billion from $12.43 billion in the prior year and consolidated comparable store sales declined 7.7%.

For fiscal 2008, domestic segment net sales decreased 6% to $11.14 billion from $11.86 billion in fiscal 2007 on 8.1% comparable store sales decline.

The fiscal 2008 net loss from continuing operations totaled $321.4 million, or $1.95 per share, compared with a net loss of $10.2 million, or 6 cents per share, in the prior year 2007.

Circuit City projected that fiscal 2009 consolidated net sales will remain relatively unchanged compared with the prior year. For the first quarter, the company expects $180 million to $195 million in losses from continuing operations before taxes, due to weak operating trends.

Circuit City Stores, Inc. (CC) shares fell 36 cents to close at $4.17.

The Progressive Corporation (PGR), an insurance holding company today reported premiums shrank 4% to $3.49 billion from $3.65 billion.

Of each premium dollar, Progressive spent 94.6 cents administering claims, 5.1 cents on the dollar more than the first quarter last year.

Progressive earned $239.4 million, or 35 cents per share, in the first quarter, compared with profit of $363.5 million, or 49 cents per share, in the same quarter of 2007.

Progressive earned $71.3 million, or 11 cents per share, in March, compared with profit of $131.1 million, or 18 cents per share compared to a year ago.

Progressive (PGR) stock dropped 18 cents to $16.83.


Pier 1 Imports, Inc. (PIR), a specialty retailer of home furnishings said that total sales for the fourth fiscal quarter declined 7.8% to $436.7 million from $473.7 million in the year ago quarter.

Comparable store sales increased 2.5% for the quarter. Merchandise margins in the fourth quarter were 48.1% of sales, up from 40.6% in the year ago quarter.

Net income from continuing operations of $13.7 million or $0.16 per share for the fourth quarter ended March 1, 2008 versus a net loss of $58.7 million or $0.67 per share for the year ago period.

For the fiscal year 2008, total sales declined 6.9% to $1.5 billion, down from $1.6 billion in fiscal 2007. Net loss from continuing operations of $96.0 million, or $1.09 per share compare with $ 227.6 or $2.60 per share in fiscal year 2007.

Pier 1 (PIR) stock gained 35 cents to $7.24.