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RadioShack Reports $43M Q1 Loss

Fort Worth, Texas – RadioShack lost $43 million during the first quarter, ended March 31.

Sales slipped 7 percent to $849 million and comparable store sales were down 5.7 percent.

The company also reported an operating loss of $19 million, compared to operating income of $7 million last year.

RadioShack attributed $8.5 million of its net loss to its Target mobile center business, which has since been discontinued.

In a statement, recently installed CEO Joseph Magnacca said the company plans to roll out a new brand image, fresh advertising and updated stores, beginning in New York, over the next 100 days.