Circuit City Stores, a rapidly expanding consumer electronics chain, sprang a pleasant surprise on the stock market yesterday as it reported a 65 percent gain in fourth-quarter earnings, exceeding analysts' estimates by more than 15 cents a share.

Shares in the Richmond, Va.-based company gained $2.375, to $34.125, after it reported income of $44 million, or 92 cents a share, for the quarter that ended Feb. 29. That compared with earnings of $26.7 million, or 58 cents a share, in the same period last year. Sales rose 22 percent, to $903.3 million from $741.2 million.

Kenneth M. Gassman, an analyst with Davenport & Co. in Richmond, said he and other analysts had expected Circuit City to report earnings per share of about 75 cents for the period.

Mr. Gassman said the "huge quarter" could be attributed largely to Circuit City's success in reducing "shrinkage" -- losses of inventory through shoplifting, employee theft and damage. He said the company's new credit card operations also had a positive impact.

For the full year, earnings rose a record 38 percent, to $78.2 million, or $1.65 a share, from $56.7 million, or $1.22 a share in the previous fiscal year. Sales rose to $2.79 billion from $2.37 billion, the company said.

Circuit City operates 239 stores nationwide, including five in the Baltimore area. The chain expects to open 30 new electronics superstores this year.

Three months ended 2/29/92

.. .. .. .. Revenue .. .. .. .. Net .. .. .. Share

'92 . .. 903,325,000 . .. .44,038,000 .. ..0.92

'91 . ..741,169,000 . .. .26,674,000 .. ..0.58

change .. .. +21.9 . .. .. ... +65.1 .. . +58.6

Twelve months ended 2/29/92

.. .. .. .. Revenue .. .. .. .. Net .. .. .. Share

'92 . ..2,790,232,000 .. ..78,223,000 . .. 1.65

. ..2,366,901,000 .. ..56,700,000*. .. 1.22*

% change .. .. . +17.9 .. .. .. . +38.0 . .. +35.2

* Excludes charge of $53.5 million, or $1.15 a share, from the cumulative effect on prior years of a change in accounting principle.