Circuit City’s Loss Narrows to $6 Million

Circuit City Stores Inc., the No. 2 U.S. electronics chain, said its fiscal first-quarter loss narrowed to $5.94 million as it cut costs and as customers bought more at the retailer’s renovated and relocated stores.

Its net loss narrowed to 3 cents a share from $46.7 million, or 23 cents, a year earlier, the Richmond, Va.-based retailer said. Sales climbed 6.9% to $2.07 billion, the biggest gain in more than a year. Sales at stores open at least a year grew 6.4%.

Shares of Circuit City, which trails No. 1 Best Buy Co. in sales, fell 32 cents to $12.61 on the NYSE.

From Bloomberg News

* Pier 1 Imports Inc., the largest U.S. retailer of imported home furnishings and accessories, said first-quarter profit fell 38% as advertising costs rose and it offered more discounts. Net income dropped to $11.7 million, or 13 cents a share, from $19.1 million, or 21 cents, a year earlier, the Fort Worth-based company said. Sales rose 7.3% to $432 million.