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Circuit City 2Q slides
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September 19, 2001: 11:01 a.m. ET
Revenue drop from exiting appliance sales cited; auto unit gains
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NEW YORK (CNNfn) - Circuit City Group said Wednesday its second-quarter earnings fell to 3 cents per share, including its CarMax automobile unit, from 27 cents per share a year earlier.
The Richmond, Va.-based electronics retailer said revenues dropped 19 percent due to its elimination of appliance sales and the continued decline in the personal computer market.
Analysts expected the company to earn 2 cents per share, according to First Call.
The company's CarMax (KMX: up $0.65 to $10.60, Research, Estimates) unit posted earnings of 25 cents per share, up from 15 cents a year ago.
Circuit City Stores said total sales including CarMax and Circuit City Group (CC: up $0.29 to $10.20, Research, Estimates) fell 9 percent in the quarter to $2.89 billion from $3.18 billion. In addition, Circuit City Group said same-store sales, including appliance revenue, declined 21 percent in the second quarter.
"We remain dissatisfied in the overall sales performance of our Circuit City business," Circuit City Stores President and CEO W. Alan McCollough said, adding that the company has "no new trends on which to base any charges in earnings expectations." 
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