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Circuit City Stores Inc (NYSE: CC) does not require bottom fishing yet. While the stock has gotten hit pretty good, give management time to get a grip on this one.Last night, Circuit City reported below plan sales, citing weakness in flat panel displays and projection television. This has been the lone place where Circuit City has been able to make some decent money, but also one of the most, if not the most, volatile product category based on price.
The consumer electronics retailer also withdrew previously issued guidance for the first half of fiscal year 2008 and is going to restate earnings for previous quarters, mostly due to timing issues.
Circuit City is still having trouble getting over its business model and relationship with its work force. The combination of a volatile revenue curve and unpredictable labor costs does not bode well for this retailer.
There is value in this stock, but investors can be patient and wait for tangible results from management before jumping into this stock.
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