RadioShack posts Q1 loss
New York -- RadioShack Corp. on Tuesday reported a loss for the first quarter of $8 million, hurt by weakness in its Sprint postpaid wireless business and weak demand for prepaid wireless handsets, laptops and home entertainment accessories.
The electronics retailer said its net loss for the quarter ended March 31, 2012, was $8 million compared with net income of $35.1 million a year earlier.
Sales fell 0.9% to $1.01 billion, while analysts had expected $1.06 billion.
Jim Gooch, president and CEO of RadioShack Corp., stated: “As we anticipated, the first quarter was extremely challenging. While our results were disappointing, we are working quickly to drive top line growth and expand margins. We were pleased to see progress from initiatives we began implementing last year, particularly in our highest gross margin signature platform.”
Gooch added that the retailer is moving decisively to improve its marketing, with a sharpened mobility message that heightens awareness of its broad mobile offerings.
“We are continuing to capitalize on our successes in expanding product assortments in the signature product platform,” he said. “And, we are pursuing incremental growth through targeted international ventures and relationships that build on our strengths."