FORT WORTH, Texas—A slight increase in wireless sales wasn’t enough to offset lagging overall sales and an expensive turnaround program for RadioShack Corp. during the second quarter.
The electronics retailer said wireless sales were up 2 percent during the period over the year-ago quarter, with post-paid phones marking double-digit percentage gains. But RadioShack reported a second-quarter loss of $3.2 million, a dramatic plunge from the $52.3 million in net income the company claimed during the same period last year.
RadioShack has been buffeted by lagging sales and front-office tumult, and is in the process of shuttering hundreds of stores. Executives said the turnaround program and restructuring cut pretax earnings by $21 million.
“From a cost and timing perspective, our turnaround activities are on or better than plan,” said Chief Operating Officer Clair Babrowski. “We are pleased with the progress we are making on our turnaround plan.”
Investors were not as pleased, however, as shares of the company slid 80 cents, or more than 5 percent, to $14.96
