Circuit City Profit Drops Nearly 5% in Quarter

Circuit City Stores Inc. said fiscal fourth-quarter earnings declined almost 5%, but the Richmond, Va.-based electronics retailer returned to profitability for 2004 after posting a loss a year earlier.

Net income in the quarter ended Feb. 28 was $85.4 million, or 45 cents a share, compared with $89.6 million, or 43 cents, in the year-earlier period. Revenue increased 5.3% to $3.47 billion from $3.3 billion a year earlier.

For the year, net income was $61.7 million, or 31 cents a share, contrasted with a loss of $89.3 million, or 43 cents, a year earlier.