RadioShack Posts Another Loss
RadioShack on Monday announced that it posted a loss of $53.1 million in the most recent quarter, more than doubling the loss of $21 million in the same period last year.
“While the second quarter presented a number of challenges, it is noteworthy that we generated comparable store sales growth for the first time since 2010, and increased sales for the sixth consecutive quarter in our high-margin signature platform of products,” CEO Joseph Magnacca said as part of the announcement.
“At the same time, our profitability was not where we would have liked. Our strategy this quarter was designed to move through unproductive inventory and test a variety of promotional vehicles, which we knew would have an impact on gross margin rate, but would help us identify opportunities to better align our promotional marketing going forward.”
The company also announced that chief financial officer Dorvin D. Lively has resigned, and will be replaced on an interim basis by Holly F. Etlin.