RadioShack income rises, comps fall

FORT WORTH, Texas RadioShack Corp. today announced net income of $47 million (or 34 cents per diluted share) for the second quarter of 2007. In the second quarter of 2006 the company reported a net loss of $3 million or 2 cents per diluted share.

Second quarter 2007 comparable-store sales declined by 8.9%, while total sales declined 15%. The company attributed its decrease in comparable and total sales to its post-paid wireless business and the closure of 481 stores during 2006.

"Against the background of a smaller, but more profitable, sales base our financial performance this quarter marked a continuation in trend. Our continued disciplined management of expenses and working capital allowed us to drive improved profit and produce increased levels of cash on the balance sheet," said Jim Gooch, cfo. "We continue to look for opportunities to improve our company's performance as we head into the second half of the year."