NEW YORK, June 20 (Reuters) - Consumer electronics retailer Circuit City Stores Inc. (CC.N: Quote, Profile , Research) on Wednesday posted a quarterly loss that it called disappointing and withdrew its earnings forecast, citing a drop in advanced television sales and an uncertain economic environment.
The company reported a loss of $54.6 million, or 33 cents a share, from net income of $6.4 million, or 4 cents per share, for the fiscal first quarter.
Analysts, on average, had been expecting a loss of 32 cents a share, according to Reuters Estimates.
The results come one day after Best Buy Co. Inc. (BBY.N: Quote, Profile , Research) reported quarterly earnings that missed analysts' estimates by a wide margin and gave a disappointing full-year forecast as TV sales cooled. The results and a weak earnings forecast cast new doubts on U.S. consumer spending trends, weighing on its rivals' shares and the U.S. stock market as a whole.
Shares of Circuit City closed on Tuesday at $16.07 on the New York Stock Exchange.