Fort Worth, Texas RadioShack Corp. said Monday that its third-quarter profit slipped 24% as the company closed some kiosks and dealt with a continued pullback in consumer spending. The electronics retailer earned $37.4 million compared with $49.1 million a year earlier.
Although earnings fell and narrowly missed analysts' average forecast, net sales totaled $990 million, well ahead of Wall Street expectations of $961.7 million.
Same-store sales at company-run stores and kiosks dipped 2.9% with softness in sales of digital-to-analog converter boxes, laptop computers, batteries, wireless accessories and GPS products.
RadioShack reported stronger sales for its Sprint Nextel postpaid wireless business, netbooks and prepaid wireless handsets and airtime. The addition of T-Mobile as a postpaid wireless carrier also contributed to revenue.
RadioShack has about 4,470 company-run stores; nearly 1,300 dealer outlets; more than 450 U.S. wireless phone kiosks and approximately 200 company-run stores in Mexico.