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UPDATE 1-RadioShack posts quarterly loss on weak sales
April 24, 2012 / 11:31 AM / 5 years ago

UPDATE 1-RadioShack posts quarterly loss on weak sales

NEW YORK, April 24 (Reuters) - RadioShack Corp surprised Wall Street on Tuesday with a quarterly loss, hurt by weakness in its Sprint postpaid wireless business as well as tepid demand for prepaid wireless handsets, laptops and home entertainment accessories.

The electronics retailer said its net loss was $8 million, or 8 cents a share, in the first quarter, compared with net income of $35.1 million, or 33 cents a share, a year earlier.

Analysts on average were looking for a profit of 5 cents a share, before items, according to Thomson Reuters I/B/E/S.

Sales fell 0.9 percent to $1.01 billion, while analysts had expected $1.06 billion.

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