As Profit Drops, RadioShack Adds Verizon
RadioShack Tuesday announced that it posted a profit of $24.9 million in the second quarter, just under half of the $53 million figure posted the same time last year. The company attributed the drop to some one-time costs, including phasing out of T-Mobile inventory and the closing of a Chinese manufacturing plant.
The company also announced that it has reached an agreement to carry products from Verizon Wireless, which it hadn't previously. The company will drop T-Mobile products beginning Sept. 14 and add Verizon wireless products the following day.
"Our second-quarter results reflect a number of short-term transitional changes related to our wireless carriers," Jim Gooch, the company's newly appointed CEO, said as part of the announcement.