RICHMOND, Va. — Electronics retailer Circuit City Stores Inc. on Friday reported a wider-than-expected loss for the third quarter, driven by lower extended warranty sales and restructuring costs.
Shares of the nation's second biggest consumer electronics retailer tumbled 22 percent in morning trading.
"We are very dissatisfied with our third-quarter results," said Philip J. Schoonover, chairman, president and chief executive, in a statement. Schoonover said he believes the issues are "primarily self-induced" and within the company's control to improve.
The results came three days after larger rival Best Buy Co. reported its third-quarter profit jumped 52 percent, ahead of analyst expectations for the Richfield, Minn., retailer.