Improved profit margin offset declining sales at RadioShack during the first quarter, helping the retailer to increase its earnings.
RadioShack reported sales of $1 billion for the first three months, down 9 percent from the $1.1 billion recorded in the year-ago period. Comp-store sales in the first quarter decreased 7 percent.
The retailer announced net income of $57.6 million, up 11 percent from the $46.5 million reported in the first quarter of 2001. On an adjusted basis, the company reported $65.1 million in net income for the first quarter of 2001.
RadioShack reported a 228-basis-point increase in gross margin, to 50.2 percent, during the first three months ended March 31. Selling, general and administrative (SG&A) expenses were down 3 percent.