Circuit City posts 3rd-quarter loss
NEW YORK Dec 19 (Reuters) - Circuit City Stores Inc. CC.N reported a quarterly loss on Tuesday, hurt by falling margins as prices for hot electronics like flat-panel televisions declined.
The company said it had a loss of $16 million, or 9 cents per share, for the fiscal third quarter ended Nov. 30, compared with a profit of $10.1 million, or 6 cents per share, a year earlier.
Analysts, on average, had been expecting profit of 5 cents per share, according to Reuters Estimates. The results came after larger rival Best Buy Co. Inc. (BBY.N) said last week its third-quarter profit rose a less-than-expected 8.7 percent after intense pricing competition hurt its margins.
Shares of Circuit City have risen 2 percent this year, while Best Buy has gained 13.5 percent, and the S&P Retailing Index .GSPMS is up 11 percent.
((Reporting by Nicole Maestri, editing by J.S. Benkoe; Reuters Messaging: firstname.lastname@example.org; (646) 223-6173)) Keywords: CIRCUITCITY RESULTS/
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