Sluggish wireless sales again dragged on retailer RadioShack Corp. as the company’s second-quarter net income toppled from $68.3 million last year to $52.3 million this year. RadioShack’s stock also sagged 6 percent to 23.12 per share.
“Our profit decline in the second quarter was driven by lower comp store sales and more specifically by weakness in our core store wireless business,” said David Edmondson, the company’s president and chief executive officer. “Nevertheless, non-wireless product lines and key initiatives, such as our store standard operating procedures and new store format, are performing well, and this gives us confidence in the future.”
RadioShack’s sales were up 4 percent from the same quarter a year ago to $1.09 billion.
The company said its total wireless sales were up 2 percent thanks to its new kiosk efforts, but its in-store sales declined.
RadioShack has suffered several dragging quarters due to falling wireless sales. Wireless carriers have been working to bring their phone sales in house.
