RadioShack Closing Stores As Losses Widen
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FORT WORTH (AP) - RadioShack's third-quarter loss widened, sales dropped for the eleventh consecutive quarter and the electronics retailer announced more cost cuts to stay afloat.
CEO Joseph Magnacca said Thursday that the company will reduce expenses at its headquarters and close stores. He says the maneuvers should boost earnings by more than $400 million annually.
RadioShack Corp. lost $161.1 million, or $1.58 per share, which was much worse than the per-share loss of $1.04 that analysts had expected, according to FactSet. It's also a bigger loss than last year's $135.9 million, or $1.35 per share.
Revenue declined to $650.2 million during the period ended Nov. 1, also missing Wall Street's estimate of $717 million.
Sales at stores open at least a year, a key indicator of a retailer's health, tumbled 13.4 percent.
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