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RadioShack: Oct., Q3 Sales On The Rise

11/13/2000 02:00:00 AM Eastern

FORT WORTH, TEXAS -Radio-Shack sales in its retail stores, including sales to dealer/franchise stores, climbed 16 percent in October, hitting $371 million, compared with $321 million in the same month last year. On a comp-store basis, sales at company-owned stores jumped 10 percent for the month.

The double-digit total retail sales gain increase in October follows double-digit rises in all preceding months in 2000, one of the best year-to-date performances in RadioShack's history, according to the retailer.

"Looking back at the month of October, audio-video products and direct-to-home satellite systems continued to drive our business," said chairman/CEO Leonard Roberts. "We are currently positioned with solid inventory levels, a trained and ready sales force, and significant national advertising in anticipation of the holiday selling season."

RadioShack's year-to-date total sales increased 15 percent to $3.5 billion, compared with $3 billion for the first 10 months of last year. Year-to-date comp-store sales jumped 11 percent.

Driven by consumer demand for digital products, RadioShack posted higher sales and earnings for the three months ended Sept. 30.

Sales climbed 19 percent to $1.14 billion, 19 percent higher than the $960.3 billion recorded in the same three months in 1999. Net income jumped nearly 29 percent to $77.1 million, compared with $59.8 million in the same quarter last year.

"All year long, consumer demand for digital products has driven RadioShack's business, enabling us to achieve solid top-line and bottom-line growth in all three quarters of the year," said Roberts.

For the nine months, RadioShack's net income reached $222.2 million, more than a 25 percent increase above the $177.3 million recorded in the year-go nine months. Sales for the nine months were $3.21 billion, a 20 percent jump over the $2.74 billion recorded in the same nine months last year.

"The key pieces of our Home Connectivity strategy are in place, and we now have the ability to offer consumers all things Internet, encompassing a broad array of products and services," said Roberts.

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