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February 28, 2013

by HoosOnBrand

CBS Dallas / Fort Worth

FORT WORTH (AP) – RadioShack has lost $63.3 million in its fiscal fourth quarter — pressured by weaker mobile sales.

The struggling Fort Worth-based electronics chain said Tuesday it’s looking to rebuild amid fierce online competition.

RadioShack earlier this month named former Walgreen Co. executive Joseph Magnacca as its new CEO. Magnacca took over from James Gooch.

RadioShack’s loss amounted to 63 cents per share for the three months ended Dec. 31. A year earlier it reported net income of $11.9 million, or 12 cents per share. Revenue declined 7 percent to $1.3 billion from $1.39 billion.

For the year, RadioShack Corp. lost $139.4 million, or $1.39 per share. The company reported net income of $72.2 million, or 70 cents per share, in the prior year.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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