RadioShack Closing More Than 1,000 Stores
FORT WORTH (AP) – RadioShack plans to close up to 1,100 of its underperforming stores in the U.S. and reported a wider loss for its fourth quarter as traffic slowed during the critical holiday season.
The stock tumbled more than 24 percent in Tuesday premarket trading.
The store closings would leave RadioShack with more than 4,000 stores.
For the period ended Dec. 31, the electronics retailer 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 items, RadioShack Corp. lost $1.29 per share. Analysts expected a loss of 16 cents per share.
Revenue declined to $935.4 million from $1.17 billion. Sales at stores open at least a year fell 19 percent on weaker traffic and the soft performance of its mobility business. Analysts expected revenue of $1.12 billion.
(© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)
- Fantasy Baseball Season Is One-Third Over, So What Does Your Team Need To Win?
- Flooding Concerns Continue For Lake Lewisville Residents
- President Obama Signs Texas Disaster Declaration
- Hamilton’s Homers Help Rangers To 7-4 Win Over Red Sox
- Popular Lewisville Lake Spot Surviving The Flood So Far
- Driveway Robbers Threaten Grandparents With 4-Year-Old
- The First, Legal Gay Marriage In Texas?
- Woman Dies In Fort Worth Stockyards Shooting
- Cowboys Pre-Combine Mock Draft
- Dallas Firefighter Remembered At Funeral
- PHOTOS: Your Pet Pictures