RadioShack reports 1Q income up, sales down

FORT WORTH, Texas RadioShack today announced net income of $46.3 million, or 34 cents per diluted share for the third quarter of 2007, compared with a net loss of $16.3 million or 12 cents per diluted share for the third quarter 2006.

The company reported a comparable-store sales decline of 8.6% for the third quarter, while total sales declined 9.4%. The main drivers of the sales decline were the continuing negative sales trend in the Sprint post-paid wireless and related wireless accessory businesses partially offset by strong performance in both prepaid wireless phones and global positioning systems.

"We are pleased to announce the continuation of improved financial results in the third quarter," said Julian Day, chairman and ceo. "We continue to face challenges at the top line in our business, mainly as a result of well publicized developments in post-paid wireless related to Sprint. We are addressing those challenges energetically and hope that having configured the business for increased profitability, we will now prove successful in configuring it for growth."