Shares of RadioShack (RSH) sank more than 9% in Tuesday morning trading after the struggling electronics retailer posted a wider quarterly loss.
RSH reported a loss of $98.3 million for its fiscal first quarter. In the year-ago period, RSH recorded a loss of $28 million. Adjusted EPS showed a loss from continuing operations of 98 cents, considerably worse than the loss of 52 cents that Wall Street had expected, USA TODAY notes.
First-quarter revenue of $736.7 million was down 13% year-over-year, and missed the $767.5 million that analysts had forecast. Same-store sales tumbled 14%.
In a statement, RSH CEO Joseph Magnacca attributed the disappointing quarterly results to “an industry-wide decline in consumer electronics and a soft mobility market which impacted traffic trends throughout the quarter.” He noted that mobile device sales declined “due to lackluster consumer interest in the current handset assortment and increased promotional activities across the industry including the wireless carriers.”
RSH plans to shutter as many as 200 stores. RadioShack currently operates about 4,300 stores in the U.S.
In Monday, RadioShack stock closed at $1.54 per share.
More RadioShack News:
