RadioShack Q3 Loss Widens - Quick Facts

(RTTNews) - RadioShack Corp. (RSH) reported that its third-quarter net loss was $112.4 million or $1.11 per share, compared to a net loss of $47.1 million or $0.47 per share last year. Analysts polled by Thomson Reuters expected the company to report a loss of $0.35 per share for the quarter. Analysts' estimates typically exclude special items.

Total net sales and operating revenues were $805 million, down from $898 million last year. The decline was driven by an 8.4% decrease in comparable store sales due to reduced sales for each of the Company's product platforms. Thirteen analysts had consensus revenue estimate of $891.73 million for the quarter.

The Company also announced that it has received commitments for $835 million of a new five-year debt financing.

Joseph Magnacca, chief executive officer, said, "We have an aggressive plan to reinvigorate our store experience this fall in nearly all of our stores. This plan builds upon the sales improvement we've seen in three concept stores and two brand statement stores. By the end of the year, we will have over 100 concept and brand statement stores open."

"In addition, we are currently contemporizing our stores by significantly re-merchandising inventory in a more logical manner and improving presentation. Our entire store base of nearly 4,300 stores will see improvements from these changes which are being implemented in the early part of the fourth quarter," he added.