RadioShack’s Q3 Loss Widens
FORT WORTH (AP) – RadioShack’s net loss widened in the third quarter as the struggling electronics retailer works on a turnaround plan.
The Fort Worth-based company on Tuesday said it received $835 million in financing lead by GE Capital.
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.
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.
(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
- Abbott Signs Pre-K Boost, But Work Remains For Republicans
- Drones Help Parker County Scope Out Flood Damage
- Hamilton Homecoming: 2010 AL MVP Back In Texas On Home Team
- Texas Company Needs OK From Landowners To Build Pipeline
- Adrian Peterson Lashes Out At Vikings On Twitter
- Sasquatch Genome Project Reveals Bigfoot Photos
- Tricks To Using The New iPhone Software
- Enter The ‘Show Your Spirit’ Sweepstakes
- Mexican Monster Truck Wreck Kills 8, Hurts Dozens
- Nolan, Daniels Involved In Heated Confrontation
- PHOTOS: Your Pet Pictures