RadioShack Posts a Loss; Says 480 Closures Will Be Complete Soon - Radio World

RadioShack Posts a Loss; Says 480 Closures Will Be Complete Soon

RadioShack Posts a Loss; Says 480 Closures Will Be Complete Soon
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RadioShack posted a net loss of $3 million for its latest quarter compared to net income of $52 million at this time last year.
"Earnings results were adversely affected by lower sales of wireless ... in RadioShack company-operated stores," it stated. It also cited costs in connection with its turnaround plan and restructuring activities including lease terminations and store liquidations.
President/CEO Claire Babrowski said the numbers were "consistent with our expectations. We are pleased with the progress we are making on our turnaround plan." The company also said personal electronics saw a 20% sales increase due to higher sales of MP3 players and satellite radios.
Earlier this year, RadioShack announced it would close 480 stores this fiscal year; 432 are shuttered and the rest will be closed by the end of the month.

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