RadioShack Corporation (NYSE:RSH) reported its results for the second quarter. RadioShack Corp. is a retailer offering consumer electronics goods and services through its RadioShack store chain and non-RadioShack branded kiosk operations.
RadioShack Earnings Cheat Sheet for the Second Quarter
Results: Net income for the electronics store fell to $24.9 million (24 cents per share) vs. $53 million (41 cents per share) a year earlier. This is a decline of 53% from the year earlier quarter.
Revenue: Fell 6.9% to $941.9 million from the year earlier quarter.
Actual vs. Wall St. Expectations: RSH fell short of the mean analyst estimate of 38 cents per share. It fell short of the average revenue estimate of $1.03 billion.
Quoting Management: Jim Gooch, president and chief executive officer, said, “Our second-quarter results reflect a number of short-term transitional changes related to our wireless carriers.We are working diligently to position RadioShack for future growth in the wireless space, and our new relationship with Verizon Wireless, the nation’s largest wireless provider, is an integral piece of that program.With our new portfolio of carriers, we are delighted to offer customers what we consider to be the best mobile offerings on the market.”
A year-over-year revenue decrease last quarter snaps a streak of four consecutive quarters of revenue increases. The best quarter in that span was the third quarter of the last fiscal year, which saw revenue rise 6.2%.
The company has now seen net income fall in each of the last three quarters. In the first quarter, net income fell 29.9% from the year earlier, while the figure fell 24.7% in the fourth quarter of the last fiscal year.
The company fell short of estimates last quarter after being in line with expecations the quarter before with net income of 35 cents.
Competitors to Watch: Best Buy Co., Inc. (NYSE:BBY), CONN’S, Inc. (NASDAQ:CONN), GameStop Corp. (NYSE:GME), hhgregg, Inc. (NYSE:HGG), Systemax (NYSE:SYX), Wal-Mart (NYSE:WMT), Target (NYSE:TGT), Funtalk China Hldgs. Ltd. (NASDAQ:FTLK), Rent-A-Center, Inc (NASDAQ:RCII), Amazon.com (NASDAQ:AMZN), eBay (NASDAQ:EBAY), Vita Group Limited (AMEX:VTG).
(Source: Xignite Financials)