Shares of the electronics retailer fell Monday after it said results will be hurt by lower sales of flat-panel screensCircuit City Stores (ticker symbol="CC" primary="true" />) shares fell on May 1, after the consumer electronics giant warned of losses ahead and changed its take on earnings. The Richmond, Va.-based company has announced lay-offs recently as it continues struggling against cut-throat competition.
Expressing disappointment in April sales related to its flat panel television business, Circuit City now expects to have a loss from continuing operations before income taxes of $80 million to $90 million during the first quarter of fiscal 2008.
Circuit City also withdrew its previously issued guidance for the first half of the year. The company had anticipated a pretax loss of $40 million to $50 million in the first half of fiscal 2008, according to the Associated Press.
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