RadioShack Posts $21 Million Loss
RadioShack Wednesday posted a loss of $21 million for the most recent quarter, compared with a $24.9 million profit the same quarter last year.
"Overall, our business performed below expectations during the second quarter," CEO Jim Gooch said in a statement. "We were disappointed in our gross margin rate performance, as the initiatives we have under way have not yet generated enough momentum to improve the trend. However, we were pleased with the sales growth generated in the mobility category of our business."
According to Reuters, the loss was a surprise to analysts.