Originally published at www.seclive.com
RadioShack Corp. (NYSE:RSH) announced its financial results for the first quarter of the new fiscal year, reporting an increasing net loss. The electronics retailer saw revenue decline 13% from $848.4M to $736.7M, missing analyst expectations of $767.5M. RadioShack's net loss widened from the year-ago $28M and $0.28 losses per share to $98.3M and $0.98 per share, much steeper than the analyst-predicted $0.52 per share. The company closed 22 stores in the fiscal year and will strategically close up to 200 stores. RadioShack is attempting to launch new programs and products that will drive traffic and sales, most recently launching the Fix It Here program, which enables consumers in select stores to receive same-day repairs on smartphones and tablets. CEO Joseph Magnacca acknowledged low consumer interest in the company's handset offering and that overall sales and margin performance was disappointing.
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