Tuesday, January 8, 2008

Schoonover Actually Did It.....

Circuit City's (CC) CEO actually made me spit coffee out my nose when I read his comments regarding thier latest fiasco. It hurt...

I have documented CC's travails before

Said "Phil the Shill" Monday: "Our sales performance, while disappointing, was in line with our expectations,". For those of you who do not know what their expectations were, they were "lousy". Then he continued, saying he will pay attention to giving sales associates the "necessary knowledge and tools needed to improve both sales and margin." That is when the coffee came out....

It is a nice plan but Phil, you have had this job three years now!! Shouldn't this have been maybe at the top of the "to do" list in, I don't know, 2005??

Then, in case we missed it when they release horrific number last month, Phil said "Our efforts to turn around the business have led to greater disruption than we anticipated," I don't even know what that means!! Did someone forget to order TV's?

He continued, "but we continue to believe that we are on the right path to return to sustainable, profitable growth and increasing shareholder value,". Does he really think anyone believes that? I mean really?!?

Based on these results, Schoonover reaffirmed his outlook for a "modest loss" before taxes for the fourth quarter. Modest? Want the translation? He has absolutely no idea...

Oh yeah... Memo to Herb Greenberg, still want to stick with your 2007 "Worst CEO" pick? I will give you a do over..

Best Buy (BBY) reports Friday.

Disclosure: Will never own shares in any company Schoonover is affiliated with.

Todd Sullivan's- ValuePlays

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