In a conference call Monday that was light on detail, consumer electronics retailer
said sales trends are too erratic for the company to give any reliable financial guidance.
"The reason we are reluctant is that it has been way too volatile over the last few months," Alan McCollough, president and chief executive of Circuit City, told analysts and investors on the call. "The reason we are cautious about the future outlook is because we have seen such a variance in sales since last year's third quarter."
The comments followed Friday's
announcement that the company's earnings fell 82% in the first quarter, and are likely to fuel doubts that a revival in consumer spending beckons in the second half of 2001, as many analysts began predicting earlier in the year. The company blamed its dismal performance on slowing personal computer sales and the fact that it stopped selling appliances last November.
The company also said it would launch a new advertising campaign in July, complete with a new logo.
Shares in the Richmond, Va.-based company lately traded at $15.62, up 13 cents, well off their 52-week high of $38.69.
On Tuesday, Circuit City's main competitor, retailer
, is scheduled to report first-quarter earnings. In early June, the company said it was comfortable with the
Thomson Financial/First Call
consensus earnings estimate of 23 cents a share.