RadioShack’s Q2 Loss Widens As CFO Leaves
FORT WORTH (AP) – RadioShack says its second-quarter loss widened as the struggling electronics retailer implements a turnaround plan.
The company also says its CFO Dorvin Lively is leaving the company and confirmed it is working with business advisory firm AlixPartners and investment banking firm Peter J. Solomon Co. to turn around results. AlixPartners managing director Holly F. Etlin will serve as interim CFO.
Net loss for the three months ended June 30 totaled $53.1 million, or 53 cents per share. That compares with a net loss of $21 million, or 21 cents per share last year. Analysts expected a loss of 24 cents per share.
Revenue was nearly flat at $844.5 million, beating analysts’ expectations. Revenue in stores open at least one year rose 1.3 percent.
Its shares rose almost 6 percent to $3.10 in premarket trading.
(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
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