Circuit City to Cut 300 Jobs, Issues Warning

Circuit City Stores Inc. said that its fourth-quarter and fiscal 2001 results will fall short of expectations because of weak sales, and it is laying off about 300 employees, or less than 1% of its total work force. The electronics retailer said it expects fourth-quarter earnings of 44 cents a share and fiscal 2001 earnings of 54 cents a share, well below the 46 cents and 69 cents, respectively, that analysts were expecting. The company said the profit outlook does not include its equity interest in CarMax Group. Shares of Richmond, Va.-based Circuit City fell 33 cents to close at $15.17 on the NYSE, before the news was released.