RadioShack to Close up to 1,100 US Stores - NBC Right Now/KNDO/KNDU Tri-Cities, Yakima, WA |

RadioShack to Close up to 1,100 US Stores

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FORT WORTH, TX - RadioShack plans to close up to 1,100 of its underperforming stores in the U.S. and reported a wider loss for its fourth quarter as traffic slowed during the critical holiday season.

The stock tumbled more than 24% in Tuesday premarket trading.  The store closings would still leave RadioShack with more than 4,000 stores.

For the period ended December 31st, the electronics retailer lost $191.4 million, or $1.90 per share.  That compares with a loss of $63.3 million, or 63 cents per share, a year earlier.  Excluding items, RadioShack Corp. lost $1.29 per share.

Analysts expected a loss of 16 cents per share.

Revenue declined to $935.4 million from $1.17 billion.   Sales at stores open at least a year fell 19% on weaker traffic and the soft performance of its mobility business.  Analysts expected revenue of $1.12 billion.

 

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