RadioShack profit up in Q1

Fort Worth, Texas RadioShack Corp. reported that its net sales and operating revenues for first quarter 2010 increased 4.0% to $1.04 billion, compared with $1.00 billion for first quarter 2009.

Net income for the first quarter increased 16.2% to $50.1 million, compared with net income of $43.1 million in the same period last year. Same-store sales at company-operated stores and kiosks increased 4.7% during first quarter 2010, compared with first quarter 2009.

First-quarter performance reflects improvement in recent sales trends in both the accessory and power product platforms and continued growth in the expanding wireless platforms, the company said.

RadioShack ended the first quarter with a cash balance of $871.8 million.

First quarter 2010 operating income was $90.8 million, or 8.7% of sales, up 13.4% compared with first quarter 2009 operating income of $80.1 million, or 8.0% of sales