CarMax Group Reports Fourth Quarter and Fiscal Year 2001 Sales

                   Releases Earnings Per Share Expectations
                             For Fiscal Year 2001
                             And Fiscal Year 2002

    RICHMOND, Va., March 6 In a separate release, Circuit City
Stores, Inc. today reported sales for the fourth quarter and the fiscal year
ended February 28, 2001, including sales for the CarMax Group , and
released earnings expectations for the Group for that fiscal year and the year
that began March 1, 2001.

    Total and Comparable Store Sales:  For the fourth quarter ended
February 28, 2001, total sales for the CarMax Group rose 27 percent to
$638.5 million from $504.2 million in the fourth quarter of the prior year.
Comparable store sales rose 23 percent.

    For the fiscal year ended February 28, 2001, total sales for the CarMax
Group rose 24 percent to $2.50 billion from $2.01 billion in the prior year.
Comparable store sales rose 17 percent.

    "Our used-car business has outperformed our expectations throughout the
year, but the fourth quarter sales were especially strong," said W. Austin
Ligon, president of CarMax.  "We saw strength across all markets and regions
and were especially pleased by the continued strong performance in Florida and
Texas where the prior year results reflect the exit of a major competitor.  We
believe the sales performance reflects the continued growth in CarMax.com as a
marketing vehicle, the absence of severe winter weather and the disappearance
of some of the most heavily subsidized new-vehicle leases.  The strength of
our used-car business as the economy has slowed and consumer confidence has
fallen reflects our view that the CarMax used-car concept will continue to
offer the consumer strong value and generate steady sales during an economic
down cycle."


    Percent Vehicle Sales by Category

                             Fourth Quarter Ended        Fiscal Year Ended
                               February 28 or 29         February 28 or 29

                              2001        2000           2001       2000
    Vehicle Dollars:
      Used Vehicles            82%         79%            81%        79%
      New Vehicles             18%         21%            19%        21%
    Total                     100%        100%           100%       100%

    Vehicle Units:
      Used Vehicles            88%         86%            87%        86%
      New Vehicles             12%         14%            13%        14%
    Total                     100%        100%           100%       100%

    Fourth Quarter and Fiscal Year 2001 Earnings Expectations:  "We expect the
increase in used-car sales as a percent of the mix and strength in used-car
gross margins to produce higher gross profit margins for the fourth quarter,"
said Ligon.  "We are seeing the sales and productivity improvement programs
that we have worked on for the past two years begin to pay off, contributing
to a significant reduction in our anticipated fourth quarter expense ratio.
This reduction will be partly offset by an $8.7 million pretax write-off of
goodwill associated with two under performing new-car franchises.  We believe
these sales, margin and expense improvements will result in net earnings per
CarMax Group share in the range of 6 cents to 7 cents for the quarter ended
February 28, 2001, and 42 cents to 43 cents for the fiscal year ended
February 28, 2001."

    Fiscal 2002 Expectations:  "We believe we have a firmly established base
for consistent and profitable growth and look forward to reinitiating our
expansion with the opening of new stores and new markets by year-end," said
Ligon.  CarMax's fiscal 2002 opening plans include two stores, one in
Sacramento, Calif., and another in Greensboro, N.C., both of which are
scheduled to open at the end of the fiscal year.

    "We expect comparable store sales growth in the 5 percent to 10 percent
range during the first three quarters followed by a slight decline in
comparable store sales in the final quarter when we face the tough comparison
of the quarter just completed," Ligon said.  "We believe these sales trends
and the opening schedule will result in total sales growth in the 5 percent to
10 percent range.  We are assuming that gross profit margins remain relatively
flat with comparable store sales growth and the resulting expense leverage
becoming the primary earnings growth driver.

    "We believe these sales and operating patterns will result in earnings per
share in the range of 33 cents to 35 cents in the first half and 16 cents to
18 cents in the second half," said Ligon.  The result would be earnings per
CarMax Group share in the range of 49 cents to 53 cents for the fiscal year
ending February 28, 2002.

    Circuit City expects to release fiscal year 2001 earnings on April 2.  A
conference call to discuss this morning's announcements will be held at
10:00 a.m. today.  Domestic investors who wish to participate should call
888-843-6169 (access code 525933).  International investors should dial
712-271-3827 (access code 525933).  A replay of the conference call will be
available beginning at approximately 2:00 p.m. ET today through midnight
March 9, 2001.  Domestic investors may access the recording by dialing
888-566-0084 (access code 557633).  International investors should dial
402-998-1617 (access code 557633).