Third quarter numbers plague RadioShack
by CBJ Staff
November 04, 2013 12:00 AM | 451 views | 0 0 comments | 1 1 recommendations | email to a friend | print
RadioShack's net loss widened in the third quarter as the struggling electronics retailer works on a turnaround plan.

The company has three locations in Cobb.

RadioShack has been cutting costs, shuffling management and updating stores and product selection to battle back against tough competition from online retailers and discount stores that have expanded their electronics offerings. But the turnaround plan has not yet been able to stymie slumping sales.

"As we have said, we expect our work to take several quarters and during that time our results will vary quarter to quarter as we make strategic changes to improve our long-term financial performance," said CEO Joseph Magnacca.

Its loss widened to $112.4 million, or $1.11 per share, for the three months ended Sept. 30. That compares with a loss of $47.1 million, or 47 cents per share, in the prior-year quarter. Analysts expected a smaller loss of 37 cents per share, according to FactSet.

Revenue fell 10 percent to $805.4 million from $898 million last year. Analysts expected $893.2 million. Revenue in stores open at least one year, a key retail metric, fell 8.4 percent.

Separately, the company named Paul Rutenis as senior vice president, chief merchandising officer and Janet Fox as senior vice president of global sourcing. Rutenis had been merchandising manager for J.C. Penney's home division, while Fox was previously a sourcing executive at athletic wear maker Under Armour.

The stock has fallen almost 60 percent so far this year.

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