CarMax 1999 Annual Report Download - page 47

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CIRCUIT CITY STORES, INC. 1999 ANNUAL REPORT 45
CIRCUIT CITY STORES, INC.
The Board of Directors and Stockholders
of Circuit City Stores, Inc.:
We have audited the accompanying consolidated balance sheets of
Circuit City Stores, Inc. and subsidiaries as of February 28, 1999
and 1998 and the related consolidated statements of earnings,
stockholders’ equity and cash flows for each of the fiscal years in
the three-year period ended February 28, 1999. These consoli-
dated financial statements are the responsibility of the Company’s
management. Our responsibility is to express an opinion on these
consolidated financial statements based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that we plan
and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and signifi-
cant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred
to above present fairly, in all material respects, the financial posi-
tion of Circuit City Stores, Inc. and subsidiaries as of February 28,
1999 and 1998 and the results of their operations and their cash
flows for each of the fiscal years in the three-year period ended
February 28, 1999 in conformity with generally accepted account-
ing principles.
Richmond, Virginia
April 2, 1999
INDEPENDENT AUDITORS’ REPORT