UPDATE: RadioShack Posts Wider Q3 Loss

RadioShack

posted a wider-than-expected loss for the third quarter. The Fort Worth, Texas-based company posted a quarterly net loss of $161.1 million, or $1.58 per share, versus a year-ago loss of $135.9 million, or $1.35 per share. On an adjusted basis, loss from continuing operations was $125.3 million, versus an adjusted loss from continuing operations of $91.1 million. Its adjusted loss came in at $1.23 per share in the latest quarter. Its sales declined to $650.2 million from $775.4 million. However, analysts were expecting a loss of $1.04 per share on sales of $717 million. Comparable store sales declined 13.4% in the quarter. Consolidated gross profit came in at $214.2 million, or 32.9% of net sales, versus $241.2 million last year, or 31.1% of net sales. Operating loss narrowed to $114.1 million from $128.6 million. On an adjusted basis, the company's operating loss was $106.4 million. RadioShack ended the quarter with $43.3 million in cash and cash equivalents and $19.3 million of availability under 2018 Credit Agreement. Joseph C. Magnacca, chief executive officer, said, "We are focused on three overarching operational imperatives: 1) reducing costs to end our negative cash flow, 2) driving growth and profitability through our retail platform, and 3) returning to a healthy mobility business that, while much smaller in terms of revenues than in recent years, will be substantially more profitable than our recent results." RadioShack shares fell 3.34% to close at $0.55 yesterday.