Circuit City Stores on Monday reported a first-quarter profit that beat analyst expectations by 3 cents.
The electronics retailer reported for the quarter ending May 31 a profit that increased to $6.4 million, or $0.04 per share, from a loss of $13.1 million, or $0.07 per share, in the same period last year.
A survey of analysts from Thompson Financial had expected Circuit City to post a profit of a penny per share.
Net sales increased to $2.62 billion in the quarter from $2.23 billion in the same period last year. The company reported a 15 percent surge in domestic sales for the quarter compared with same-store figures for its first quarter last year.
"We believe that an improved in-store customer experience contributed to increases in average ticket and conversion rate," Circuit City CEO Philip J. Schoonover said. "Our multichannel marketing efforts drove improved traffic trends in all channels, and we saw an increase in Web-originated sales picked up in our stores."
Electronics retailer Best Buy posted results last week that blew past expectations.
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