Special to SEGAZINE
So much for that Super Bowl boost: just one month after surging on the success of a Super Bowl ad triumph, shares of RadioShack are plummeting more than 20% in early Tuesday trading after the electronics retailer released abysmal fourth quarter fiscal 2013 earnings results that included a same-store-sales drop of 19% and news that the company is closing 1,100 under-performing stores.
RadioShack reported $935 million in fourth quarter revenue, a 20% decrease over the $1.17 billion reported for the same quarter in 2013 and missing Street expectations of $1.12 billion. Its net loss widened from the $63.3 million reported last year to $191.4 million for the fourth quarter of 2013, resulting in a loss of $1.90 per share. Analysts had been expecting a loss of just 16 cents per share.