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Circuit City Resumes Turnaround

RICHMOND, VA-The electronics retailer achieves a 14.7% increase in sales and a 13.1% increase in same-store sales in its Q3.

By Jennifer D. Duell | Updated on December 20, 2005

RICHMOND, VA-Circuit City Stores Inc. efforts tocompete effectively against number one electronicsretailer Best Buy are finding success. During thethird quarter, the chain’s net sales jumped 14.7% to$2.9 billion from $2.5 billion, while comparable storesales increased 13.1 percent from the prior year.

On the heels of the strong earnings announcement,Circuit City’s turnaround man, chairman and CEO W.Alan McCollough said that he would retire. He namedheir apparent Philip J. Schoonover as his successorCEO, effective March 1, 2006. Schoonover, a formerBest Buy executive, joined Circuit City in 2004.

McCollough’s decision surprised many analysts who saidthat Schoonover’s challenge will be to keep the chainon the right track now that McCollough has it headedin the right direction. During the company’s earningsconference call, McCollough said that the chain”continued to gain traction” during the third quarter,but still had a lot of work ahead of it – a statementthat analysts second.

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