SalemNews.com, Salem, MA

Business

March 5, 2014

RadioShack closing 1,100 stores

(Continued)

Still, he conceded that the turnaround push is taking longer than expected because the company was weak in many areas and “just broken” in others. The latest quarter’s performance was hurt by a slowdown in customer traffic and increased promotional activity.

Sales at stores open at least a year — a key indicator of a retailer’s health — sank 19 percent.

The company said that the stores targeted for closings are being selected based on location, area demographics, lease duration and financial performance.

For the three months that ended Dec. 31, RadioShack Corp. lost $191.4 million, or $1.90 per share. That compares with a loss of $63.3 million, or 63 cents per share, a year earlier. Excluding certain items, the company lost $1.29 per share. Analysts surveyed by FactSet expected a loss of 16 cents per share.

Revenue declined to $935.4 million from $1.17 billion. Wall Street was looking for higher revenue of $1.12 billion.

RadioShack reported a full-year loss of $400.2 million, or $3.97 per share. In the prior year it lost $139.4 million, or $1.39 per share. Its adjusted loss was $3.04 per share. Annual revenue declined 10 percent to $3.43 billion from $3.83 billion.

Shares of RadioShack fell 43 cents, or 16 percent, to $2.29. The stock is down about 22 percent in the past year. It was still trading above $20 less than three years ago.

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