RadioShack reports 2Q loss
By CHRISTINA OCCHIPINTI:: July 26, 2006

RadioShack, a consumer electronics retailer with a handful of stores in Westchester, reported a net loss of $3 million for the second quarter, ended June 30.

The company, based in Fort Worth, Texas, says its restructuring efforts have reduced pre-tax earnings by $21 million and that the net loss was expected.

“Financial performance for the quarter was consistent with our expectations,” Claire Babrowski, president and COO of RadioShack, said in a statement. “We are pleased with the progress we are making on our turnaround plan. From a cost and timing perspective, our turnaround activities are on or better than plan. In addition, we saw sequential improvement in cash generation due to better inventory management.”

Part of RadioShack’s turnaround plan includes an increase in marketing. The company has decided to sponsor the Rolling Stones North American “A Bigger Bang” tour, which is scheduled to kick off Sept. 20 in Boston and stop in 17 cities across the U.S. and Canada.

“The Rolling Stones are icons of the music world, and we at RadioShack are excited to join with them as they return to the U.S. for their fall tour,” Tori Binau, senior vice president of marketing, said in a statement.