RadioShack sales, income up for Q1
FORT WORTH, Texas RadioShack reported that total net sales and operating revenues for the 2010 first quarter increased 4% to $1.04 billion, compared with $1 billion for the 2009 first quarter. Net income for the first quarter increased 16.2% to $50.1 million, or 39 cents per diluted share, compared with net income of $43.1 million, or 34 cents per diluted share, reported for the same period last year. Comparable-store sales for company-operated stores and kiosks increased 4.7% during the 2010 first quarter, compared with the 2009 first quarter.
The 4.7% increase in comparable-store sales for company-operated stores and kiosks during the 2010 first quarter was driven by higher Sprint Nextel postpaid wireless sales, the addition of T-Mobile as a third postpaid wireless carrier in company-operated stores, and higher sales of prepaid wireless handsets and airtime, the company reported.
"Our performance this quarter highlights the success of our strategy to increase our focus on mobility, connectivity, and innovative products and services, while continuing our progress in brand building and delivering a consistent, high-quality, customer experience," said Julian Day, chairman and chief executive officer. "We are pleased with our progress and the growth and improvement opportunities ahead for The Shack."