Near term, we have seen a softening in our business, coincident with the onset of the war with Iraq. We believe the softening reflects consumer preoccupation with geopolitical events. It is too early, however, to understand the impact these events may have on results for the first quarter.

Although we had anticipated modest sales disruption related to our exit from the appliance business and the partial remodel of all stores, since the end of September, sales have softened significantly in virtually all product categories, including those not affected by the remodeling process,

We remain dissatisfied in the overall sales performance of our Circuit City business, ... no new trends on which to base any charges in earnings expectations.

All this talk about a war with Iraq is adding a tremendous amount of volatility in all the markets. We see it in bonds, gold, oil. The uncertainty of what's going to happen is weighing on the markets.

One of the hardest parts of my job is to connect Iraq to the war on terror.

One of the most important battle fronts in this war on terror is Iraq,