FORT WORTH, TEXAS — RadioShack registered a 9 percent increase in sales in the first quarter, reaching $1.14 billion, compared with $1.05 billion in the same period last year. The 2000 first-quarter sales figure was an 18 percent gain over the first quarter in 1999.
RadioShack's net income in the first quarter dropped to $46.5 million, including a $30 million loss provision, recognized due to a decline in value of an investment in a privately held, Internet-related company. This compares to unadjusted net income of $69.7 million in the year-ago first quarter.
The retailer's selling, general and administrative expenses (SG&A) climbed to $405.2 million in the first quarter, compared with $375.9 million in the same period a year ago.
"As we look ahead to the remainder of 2001, we are intently focused on maintaining this steady sales growth, while better leveraging our SG&A expenses and gross margin structure," said Leonard Roberts, chairman/CEO.