RadioShack Sees Comps Rise in Fourth Quarter - TheStreet

RadioShack

(RSH)

said same-store sales rose a bit in its fourth quarter, although overall sales were slightly down.

The electronics retailer said net income was $102.1 million, or 59 cents per share in the quarter ended Dec. 31. The company earned 67 cents per share on $125.7 million in the prior year. Excluding charges, the company earned $109.1 million, or 63 cents per share, for the quarter. Sales were $1.48 billion, a decline of 1% from the prior year.

Analysts' estimates as gathered by Thomson Financial/First Call were for the company to earn 59 cents on $1.47 billion in revenue.

For the fiscal year 2002, RadioShack reported earnings of $1.42 a share, in line with Street consensus. Same-store sales for the year dipped 1%, while overall sales were down 4%, to $4.58 billion from $4.78 billion in 2001.

RadioShack also said it was comfortable with Wall Street estimates of 33 cents per share earnings for its first quarter in 2003. The company also expected full-year 2003 earnings to rise 13%, to at least $1.60, assuming that sales grow 2% to 3%, that gross margins improve, costs are kept to 2% growth and that there are share buybacks of up to $250 million.

In recent trading, RadioShack was down 3 cents, or 0.2%, to $20.42.