On Friday, RadioShack announced second quarter financial results, detailing a net loss of $3 million. Blamed for the loss were the company’s turnaround plan and restructuring activities, as well as settlement expenses surrounding certain wage-and-hour class action lawsuits.
As compared to 2005, second quarter store sales were down 3 percent this year. Receding sales were blamed primarily on a double-digit percentage decrease of in-store wireless sales. Adversely, personal electronics and accessories platforms both saw sales increases.
Claire Babrowski, president and chief operating officer of RadioShack, was not surprised with the negatively impacted earnings. “Financial performance for the quarter was consistent with our expectations,” she said. “We are pleased with the progress we are making on our turnaround plan.”