Circuit City increases revenues thanks to car sales
Circuit City reported Wednesday, according to the Wall Street Journal, that its net income increased 34% for its second quarter due to higher sales and profits from its stake in the used-car megamart CarMax.
Revenue increased 9.9% to $2.22 billion from $2.02 billion, helping to offset remodeling costs that doubled to eight cents a share in the latest quarter from four cents a share a year earlier.
Circuit City Group is the electronics-store chain of Circuit City Stores Inc., which isn't publicly traded. The parent company also has a separate tracking stock for CarMax, which it plans to split off on Oct. 1.