FINANCE

RadioShack profit drops in Q2, Verizon deal is bright spot

BY Staff Writer

Dallas — RadioShack Corp. reported Tuesday that net income for the second quarter dropped to $24.9 million from $53 million in the year-ago period. Sales decreased to $941.9 million, compared with $962.3 million a year earlier. Wall Street expected sales of $1.03 billion.

However, analysts responded positively to RadioShack’s news that it had signed a deal with Verizon Wireless to sell its postpaid and prepaid wireless products and services beginning Sept. 15, supplanting its current program with T-Mobile.

"While it is difficult to predict the pace of improvement we will see in our business as we add Verizon Wireless to our offerings, we are comfortable with the range of analysts’ earnings estimates for the remainder of 2011," said president and CEO Jim Gooch.

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OPERATIONS

Kroger names Giordano head of Ralphs division

BY Staff Writer

Cincinnati — The Kroger Co. said Tuesday that it has promoted its current Quality Food Centers division president Donna Giordano to president of the Ralphs Division.

Giordano, who has been based in Seattle with QFC, replaces Mike Donnelly, who was promoted to senior VP merchandising for Kroger. She will be based in Los Angeles.

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OPERATIONS

Report: U.S. consumer confidence unexpectedly up

BY Staff Writer

Washington, D.C. — A Tuesday report by Bloomberg said that consumer confidence in the United States took an unexpected upward turn in July, from an eight-month low.

Results were led by a rebound in jobs’ outlook over the next six months.

The Conference Board’s index climbed to 59.5 from a revised 57.6 reading in June that was lower than previously estimated, according to Bloomberg research. Economists predicted the July gauge would fall to 56, according to the median forecast in a Bloomberg News survey.

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