Electronics retailer RadioShack just released its Q4 financial results, and the numbers are ugly.
Comparable store sales fell 19% year-over-year.
This resulted in an adjusted net loss of $US1.29 per share, which was much worse than the $US0.13 expected by analysts.
“Our fourth quarter financial results were driven by a holiday season characterised by lower store traffic, intense promotional activity particularly in consumer electronics, a very soft mobility marketplace and a few operational issues,” said CEO Joseph Magnacca.
Management announced plans to close 1,100 “underperforming” stores.
“We will continue to have a strong, unmatched presence across the U.S. with over 4,000 stores including over 900 dealer franchise locations,” added Magnacca.
The stock is down by over 20% in pre-market trading. Here’s the activity charted via MarketWatch: