RadioShack Reports Troubled Financial ResultsCategory: General News
Posted: March 4, 2014 12:21PM
In the latest press released available from RadioShack, the company has notified the public that it has performed rather poorly during the fourth quarter of last year in regards to its finances. RadioShack saw a 19 percent decrease in total net sales and operating revenues compared to last year, as well as a consolidated gross profit that was 6 percent less than 2013. Overall, the company announced that its operating loss for the fourth quarter of last year was $166.1 million, and its net loss was $191.4 million. RadioShack is blaming the results on a holiday season that brought in lower store traffic than normal, as well as a soft mobility market.
Due to the announcement of poor financial performance, RadioShack has revealed that it will be closing up to 1,100 stores, basing the decision on store performance, lease life, area demographics, and location.
Source: Press Release