RadioShack 3rd Quarter Loss Widens
FORT WORTH, Texas (AP) — RadioShack’s net loss widened in the third quarter as the struggling electronics retailer works on a turnaround plan.
The Fort Worth-based company in Tuesday said it received $835 million in financing lead by GE Capital.
RadioShack has been cutting costs, shuffling management and updating stores and product selection to battle back against tough competition from online retailers and discount stores.
Its loss widened to $112.4 million, or $1.11 per share, for the three months ended Sept. 30. That compares with a loss of $47.1 million, or 47 cents per share, in the prior-year quarter. Analysts expected a smaller loss of 37 cents per share, according to FactSet.
Revenue fell 10 percent to $805.4 million from $898 million last year.
Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.