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RadioShack Has Upbeat Q2 Results

8/02/2010 12:01:00 AM Eastern
FORT WORTH, TEXAS — RadioShack, which has been subject of takeover rumors in recent weeks, reported higher net sales and net earnings for the second quarter, ended June 30.

Total net sales and operating revenues for the quarter increased 4.7 percent to $1.01 billion, compared with $965.7 million for the prior year’s second quarter.

Net income for the second quarter increased 8.6 percent to $53 million, compared with net income of $48.8 million reported for the same period last year.

Comp-store sales for company-operated stores and kiosks increased 6.7 percent during quarter, compared with the prior year.

RadioShack said its recently completed a pilot of wireless kiosk locations inside Target stores and now plans to rollout kiosks in the majority of Target store locations by mid-2011. The full mobile service, known as Bullseye Mobile, will begin rolling out to select Target stores Aug. 15.

The 4.7 percent increase in total net sales and operating revenues for the 2010 second quarter was driven by a $52.5 million or 6.4 percent increase in sales generated by U.S. company-operated stores. The 6.7 percent increase in comp-store sales for company-operated stores and kiosks during the 2010 second quarter was driven by higher postpaid wireless sales, the addition of T-Mobile as a third postpaid wireless carrier in company-operated stores, and higher sales of prepaid wireless handsets and airtime. These increases were partially offset by a decline in sales of digital converter boxes.
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