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RadioShack Posts Profit But Sales FallFiled at 7:10 a.m. ET ATLANTA (Reuters) - RadioShack Corp reported a third quarter profit on Monday against a year-earlier loss, but its sales continued to fall amid intense competition in the electronics sector. The retailer expects improved fourth-quarter earnings but added conditions would be "challenging." Quarterly net income came to $46.3 million, or 34 cents a share, compared with a year-earlier loss of $16.3 million, or 12 cents a share. RadioShack repurchased $162 million of stock in the quarter, reducing its share count. Sales fell 9.4 percent to $960.3 million, short of analysts estimates of $988.1 million as tracked by Reuters Estimates. RadioShacks quarterly sales have declined for the past year. Sales at stores open at least a year, a key measure of retail performance, dropped 8.6 percent. Gross margin expanded to 51 percent from 46.1 percent a year earlier, aided by improved inventory management. RadioShack has been closing unprofitable stores and reducing staff since Julian Day, a turnaround veteran, became CEO last year. But weakening sales have raised concern as competition with Best Buy Co and other chains increase amid a slowing environment for consumer spending. Selling, general and administrative expenses fell 13 percent as the company kept down costs for payroll and professional fees. Tag CloudExternal InformationAdditional InformationMake sure you marry for love, not money...Discounters Led Retailers Last Month... Ten widens its household reach... WTO to Investigate China’s Tax Laws... Where Am I?News Main Page - Business - RadioShack Posts Profit But Sales Fall |
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