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RadioShack Swings to 3Q Profit

BY CSA STAFF

Fort Worth, Texas, RadioShack Corp. said Monday it swung to a third-quarter profit on lower operating expenses, improved inventory management and a better product mix.

The company reported a profit of $46.3 million compared with a loss of $16.3 million a year ago. Total operating expenses declined to $413 million from $502.8 million.

The company said its gross margin rate rose to 51% from 46.1% on improved inventory management and a more profitable mix of products.

Revenue for the quarter slipped to $960.3 million from $1.06 billion in the prior-year period on lower sales in the Sprint post-paid wireless and related wireless-accessory businesses, partially offset by strong results from prepaid wireless phones and global-positioning systems.

Same-store sales fell 8.6% during the quarter.

RadioShack CFO Jim Gooch said in a statement that the company anticipates fourth-quarter results to be better than the year-ago period despite a challenging trading environment.

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Vegas Fresh & Easy stores to open Nov. 14

BY CSA STAFF

EL SEGUNDO, Calif. Tesco today announced that it will open five Fresh & Easy Neighborhood Market stores in the Las Vegas area on Nov. 14.

These five stores will be the first Fresh & Easy locations to open in Nevada. The company has announced six California store openings on Nov. 8 in Los Angeles, Anaheim, Arcadia, Hemet, West Covina and Upland. The company said more stores will also open in San Diego and Phoenix by the end of the year.

“We are very excited to open our doors and bring fresh, wholesome food at affordable prices to our neighbors in Las Vegas,” said Tim Mason, Fresh & Easy’s ceo. “We are also excited to show the community our strong commitment to being a good neighbor and a great place to work.”

According to Tesco, each Fresh & Easy store will be roughly 10,000 square feet, smaller than the typical supermarket to give customers a faster, easier shopping experience. In addition to offering a range of Fresh & Easy private label and national brand name products at low prices, Fresh & Easy will also offer customers a selection of fresh, prepared meals.

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DSW lowers 2007 outlook

BY CSA STAFF

COLUMBUS, Ohio DSW today announced that it has lowered its guidance for 2007. The company now expects annual comparable-store sales to be in the range of flat to down 2%, below its original guidance for comparable-store sales to be flat to up 3%.

The change in the outlook, according to DSW, is because the company estimates a mid-single-digit decline in comparable-store sales for the third quarter ending Nov. 3, based on net sales results for the 11 weeks ended Oct. 20.

DSW said that based on current business trends, estimated annual 2007 earnings are now expected to be at least 10% below last year’s reported diluted earnings per share of $1.48, below the company’s previously announced estimate for diluted earnings per share of $1.63 to $1.68.

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