RadioShack profit surges 23%, beats Street
Fort Worth, Texas — RadioShack Corp. reported Monday that profit for the quarter ended Sept. 30 rose 23% to $46 million, compared with a profit of $37.4 million in the year-ago period.
Revenues increased 6.5% to $1.05 billion, compared with sales of $990 million a year earlier. Wall Street expected revenue of $1.03 billion.
Same-store sales rose 6.2%.
“We plan to maintain our focus on enhancing the quality of our operations and service, strengthening our product offerings, and revitalizing and contemporizing our brand, while at the same time looking for further opportunities to broaden the base of customers we serve," said chairman and CEO Julian C. Day.
RadioShack operates approximately 4,680 company-operated stores in the United States and Mexico, more than 940 wireless phone kiosks in the United States, and approximately 1,240 dealer outlets worldwide.
Office Depot chief resigns after SEC settlement
Boca Raton, Fla. — Office Depot announced Monday that its chairman and CEO Steve Odland has resigned from the company. The departure comes just days after Office Depot, Odland and the former CFO were levied with civil penalties related to an SEC probe.
Odland’s departure, effective Nov. 1, is by mutual agreement with the Office Depot board of directors, said the company.
Office Depot recently reported that it agreed to pay $1 million to settle federal charges that it overstated earnings and revealed information to a group of investors and analysts that it failed to include in public filings. Odland and former CFO Patricia McKay each will pay civil penalties of $50,000.
Odland will be replaced in the interim by lead director and former NFL president Neil Austrian, who will step in as interim chairman and CEO. Odland will remain on board as a consultant until the end of the year. Office Depot has tapped Heidrick & Struggles to find a permanent replacement.
Austrian said in a statement that "this is an appropriate time to seek new leadership to make the most of the platform we have in place, return to sales growth, improve financial performance and reinvigorate our franchise."
In 2008, a dissident shareholder group rallied to replace Odland and former chairman David Fuente from the board but withdrew its nominees in the face of resistance from major proxy advisory firms.
Office Depot operates 1,600 stores worldwide.
RILA names VP government affairs
ARLINGTON, Va. The Retail Industry Leaders Association has announced the addition of long-time Capitol Hill veteran Doug Thompson as VP government affairs.
Thompson has spent the last 21 years as an aide to Congressman John Tanner (D-TN), serving as Legislative Director for the past 17 years.
“Doug’s tenure on Capitol Hill and his experience working on tough issues, place him among the most experienced and talented legislative minds on or off Capitol Hill. We are thrilled to have him as part of the RILA team,” said RILA president Sandy Kennedy.
In his new capacity at RILA, Thompson will focus on issues including financial services and privacy as well as judiciary issues, including organized retail crime, the organization reported.