Fort Worth, Texas -- At the conclusion of the current fiscal year on December 31, RadioShack will align its fiscal year-end to a traditional 52-week retail calendar with the fiscal year ending on the Saturday closest to January 31st. RadioShack says this is the format used by the majority of retailers today.
RadioShack cites benefits to changing the company's yearend such as easier comparability between RadioShack and its peers, as well as more efficient tracking and measuring of the company's performance during the year. As a result of this change, the company will have a stub period between January 1, 2014 and February 1, 2014 that will be identified as Fiscal Year 2014. Fiscal Year 2015 will run between February 2, 2014 and January 31, 2015.
In other RadioShack news, Thomas G. Plaskett has resigned from the company's board of directors. Plaskett had served on the RadioShack Board since 1986, and was a member of the Audit and Compliance Committee as well as the Corporate Governance Committee. His retirement is effective immediately, and the company intends to begin a search for a new independent director to fill his board seat.