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RadioShack 1Q profit soars on lower operating costs, improved margins

RadioShack 1Q profit soars on lower operating costs, improved margins

Electronics retailer RadioShack Corp. said Monday its first-quarter profit surged on lower costs and improved margins.
Net income leaped to $42.5 million (euro31.15 million), or 31 cents per share, from $8.4 million, or 6 cents per share in the prior-year period. One-time items increased profit in the most recent quarter by 2 cents per share, the company said.
Analysts surveyed by Thomson Financial were looking for earnings of 14 cents per share.
Total operating expenses declined to $441.8 million (euro323.83 million) from $536.6 million.
Revenue for the quarter dropped to $992.3 million (euro727.33 million) from $1.16 billion in the previous year on lower wireless and personal electronics sales.
Having 506 fewer stores and kiosks compared with a year earlier also hurt sales, RadioShack said.
Same-store sales, or sales at stores open at least a year, dropped 9.2 percent.


Updated : 2021-04-19 11:33 GMT+08:00