RadioShack posts 4Q income decline
FORT WORTH, Texas RadioShack announced net income for the fourth quarter ended Dec. 31, of $62 million, or 50 cents per diluted share, compared with net income of $101 million, or 77 cents per diluted share, reported for the fourth quarter ended Dec.31, 2007.
Comparable same-store sales for company-operated stores and kiosks decreased 9.2% during the fourth quarter compared with the fourth quarter of 2007. Total net sales and operating revenues declined 7.7%to $1.3 billion compared with $1.4 billion for the same period last year.
Commenting on the financial results, Julian Day, chairman and CEO of RadioShack, said, "Our financial results for the fourth quarter obviously reflect the recessionary retail trading environment we face. 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."
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