RadioShack Profit Plunges
RadioShack Tuesday reported a fourth quarter profit of $11.9 million, a drop from $57 million in the same quarter the year before. The performance was attributed largely to changes in the smartphone business and a shift in focus to lower-margin devices.
"The final results for our fourth quarter are in line with the preliminary range we issued in January," CEO Jim Gooch said as part of the announcement. "Despite our gross margin challenges, we have a strong balance sheet, are making progress in our mobility business, and expect to advance our business improvement initiatives in 2012."