March 4 (Reuters) – Retailer RadioShack Corp
reported a wider quarterly loss on Tuesday and said it will
close up to 1,100 U.S. stores after a huge drop in sales over
the holidays, sending its stock down 23 percent.
The planned closures would leave the Fort Worth, Texas-based
chain with over 4,000 stores, including over 900 dealer
franchise locations, its chief executive officer said.
(Reuters) – Struggling retailer RadioShack Corp (RSH.N: Quote, Profile, Research, Stock Buzz) reported a wider quarterly loss on Tuesday and said it will close up to 1,100 U.S. stores after a huge drop in sales over the holidays, sending the stock down more than 15 percent.
Sales at the Fort Worth, Texas-based chain have been in free fall amid executive departures, tough competition and an image problem. Despite its ubiquitous presence in the United States, analysts say it has not done enough to transform itself into a destination for mobile phone shoppers or become hip enough to woo younger shoppers.
(Reuters) – U.S. retailer Best Buy Co Inc (BBY.N: Quote, Profile, Research) reported a better-than-expected quarterly profit on Thursday and announced more aggressive cost cuts this year, sending its shares up nearly 6 percent in morning trading.
The results heartened investors who had been concerned about profits being squeezed during the fourth quarter, the most heavily promoted and discounted holiday-shopping season since the recession. Shares jumped 5.7 percent to $27.29 on the New York Stock Exchange.