RadioShack Profit Drops
RadioShack announced Tuesday that its net income for the fourth quarter dropped to $62 million, from $101 million for the same period in 2007. The company attributed the drop in profit to drops in margins for several product segments, including GPS, memory players and imaging.
Strong categories included flat-panel TVs, laptop computers, and digital converter boxes.
"Our financial results for the fourth quarter obviously reflect the recessionary retail trading environment we face," the company's chairman and CEO, Julian Day, said as part of the announcement. "That said, we take comfort that we operated our business prudently in the fourth quarter, particularly in the areas of cost control and minimizing our inventory markdown exposure."