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RadioShack Reports Q2 Net Up, But Sales Off 4%

8/05/2002 02:00:00 AM Eastern

Second quarter sales of wireless communications and digital product accessories helped RadioShack generate $51.8 million in net income, up from $41.2 million in the year-ago period. Excluding unusual items, the retailer's second quarter net income was $53.2 million, compared with $48.9 million for the same quarter in 2001.

However, RadioShack sales in the second quarter dipped 4 percent, down to $998.1 million, compared with $1.04 billion in the same period of 2001. Comp-store sales for the second quarter were flat, compared with last year.

"By focusing our resources on wireless communications and digital product accessories, our core anchor businesses, we are selling much more profitably this year and delivering more consistent results," said chairman/CEO Len Roberts. Second quarter wireless communication sales were up 14 percent, according to the company.

Gross margin climbed 182 basis points in the second three months, ended June 30, to 51.1 percent. Also on the plus side, selling, general and administrative expenses were down 1.7 percent, to $391 million, excluding unusual items, year over year. For the six months, RadioShack sales reached $2.03 billion, down less than 1 percent from the $2.18 billion reported in the same period in 2001. Net income for the six months jumped to $109.4 million, up from $87.7 million in the prior year.

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