RadioShack Extremely Volatile on Q2 Earnings

Stumbling retailer RadioShack RSH missed earnings this morning, but noted several opportunities for turnaround. EPS came in at a $0.53 loss versus the $0.24 estimated loss with revenue at $845 million, down from $849 million in the same quarter last year.

CEO Joseph Magnacca opened the report by stating, “While the second quarter presented a number of challenges, it is noteworthy that we generated comparable store sales growth for the first time since 2010, and increased sales for the sixth consecutive quarter in our high-margin signature platform of products.”

Although year over year revenue fell, this comes after the retailer closed several stores; same store sales rose 1.3 percent for the quarter.

On top of less revenue, damaged margins accounted for such a dramatic earnings miss. Gross margin fell to 37.2 percent, as compared to 40.1 percent last year. The company credits testing various promotional strategies for this miss.

Related: RadioShack Unveils First College Bookstore Location Slated For 2013 As Part of Turnaround Plan

It was also announced that CFO Dorvin Lively will be leaving the company to join gym chain Planet Fitness.

This announcement comes after it was reported RadioShack selected an investment bank to help it secure additional financing, despite CEO Magnacca’s insistence that the company does not have liquidity problems.

Shares have been bouncing around in the premarket, but were up just over two percent to $3.00 at the time of publication.