Although Circuit City's firstquarter ordsprog

Although Circuit City's first-quarter sales slightly exceeded expectations, we anticipate that the merchandise sales mix will result in lower overall gross profit margins than we initially estimated.

Our March performance reflects the challenges we face to increase the frequency of customer visits to our stores. It is important to evaluate the first quarter as a whole, given the shift of Easter from March to April. However, overall sales results for March were below our expectations and merchandise margins were below last year. Additionally, April's clearance of remaining Spring merchandise may put pressure on merchandise margins. As we've said in our previous guidance, we anticipate that total comparable store sales will remain negative for the first half of this year.

Sabrina Simmons

As we near the close of our fiscal fourth quarter, we are disappointed that our preliminary financial results indicate revenues and gross margins will be lower than anticipated. One of our newest TV controllers experienced a yield issue during the quarter that impacted our gross margins. Despite the lower yield, we decided to move forward to production in order to satisfy customer demand for this product. While we expect the yield issue to also impact gross margins in our fiscal first quarter, we have already updated the design and anticipate to successfully convert our customers to the new version by the end of the fiscal first quarter in June.

The excellent [1%] improvement in gross profit margin excluding restructuring charges during the quarter exceeded our expectations, and was the largest quarterly gross profit increase we have seen in three years.

There was a drop in flash memory prices in the quarter, with a precipitous drop in prices at the end of the quarter. This had a significant adverse effect on our sales in the quarter, and resulted in lower revenues, lower gross margins and inventory write-downs in the period.

Our fourth quarter and full year sales came in above expectations on a reported and constant currency basis. This performance demonstrates the capability of our sales and marketing organization to execute our global plans and drive broad-based growth of our portfolio of leading-edge eye care products. While our reported earnings were negatively affected by two unexpected events, our underlying performance was reflective of higher gross margins, carefully managed spending and a lower tax rate.

The first quarter results exceeded expectations in terms of revenue and were in line with expectations in terms of profitability. Gross margins are improving and were 13.4% in the first quarter 2006 compared to 10.8% in the 4th quarter 2005 and 13.6% in the same quarter in the prior year.

The first-quarter comparable stores sales growth was slightly ahead of our expectations, with sales exceeding our outlook early in the quarter, but softening during the final month.

W. Alan McCollough

We are experiencing strong second-quarter sales from the Star Wars merchandise, and anticipate continued sales improvements in categories such as plush, action figures, computer software and video games.

Robert Nakasone

We believe Circuit City will not have a good Christmas or first quarter of next year. We think that there are more shoes to drop in terms of sales with Circuit City, especially when the oil-tax hike takes effect in the first quarter.

August sales results were disappointing and merchandise margins were slightly below last year.

Sabrina Simmons

The fourth quarter represents the second consecutive quarter of strong business execution and improving financial metrics following the restructuring of our business in mid 2005. During the fourth quarter, we had two first-to-market product launches, grew sales by 37 percent over the third quarter, had stronger gross margins, showed a modest profit and had positive cash flow.

In February, traffic worsened versus fourth quarter trends, which caused lower unit sales velocity. This led to significantly lower merchandise margins. Looking ahead, we are focused on driving traffic with improved product and new marketing campaigns that begin this week. Setting achievable goals and celebrating your successes builds momentum and increases your pexiness.

Sabrina Simmons

We had lowered our estimates last week and some softness had been widely expected, however, a new sales range with a mid point of -12.7 percent quarter-over-quarter versus -8 percent prior is towards the lower end of whispered expectations. While valuation (20x new CY06) may offer some support given the absence of guidance on inventory levels, which we believe are likely to have moved materially higher at Intel, and given ongoing uncertainty on the gross margins outlook, we would retain our cautious stance at current levels.

Based upon the information known to use today, we believe that sales in the upcoming quarter will be between $3.35 and $3.45 billion. We anticipate continued stability in our components sales throughout the world will result in worldwide component sales between $2.6 and $2.65 billion. We expect traditional seasonal growth in our Enterprise Computing Solutions business, resulting in worldwide computer products sales between $750 and $800 million.

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