The U.S. electronics retailer reported a net loss of $98.3 million, declining from a $28.0 million loss in the same period a year earlier.
RadioShack's sales have been on a steady decline since 2010 as competition mounts from the likes of Best Buy (BBY), Amazon.com (AMZN) and Wal-Mart Stores (WMT), who offer wider selections for lower prices.
The company's stock price opened 15% lower on the news, falling from $1.54 to as low as 1.32 in morning trade. Shares pulled up to $1.36 in mid-afternoon trading.
RadioShack shareholders voiced their disgust with the direction of the company last week by rejecting the executive compensation package for a second year in a row.
Nearly 55% of votes were cast against the compensation plan in a nonbinding referendum at the shareholder meeting, up from 53% a year earlier.
"There's nothing that [Chief Executive Officer Joe Magnacca] has done that leads anybody to believe that he's the right guy to turn this business around," Anthony Chukumba, a New York-based analyst at BB&T, told Bloomberg.
The company currently faces a bevy of structural issues that are creating a divide between the retailer and customers.
For one, the stores are severely outdated. As consumers have migrated online, RadioShack continues to operate like a museum for vintage consumer electronics that were left behind in the 1990s. Consumers enjoy new, shiny objects to play with, a complete contrast to RadioShack, a store analysts have called "tired looking."
With regards to the actual merchandise, RadioShack mostly sells cell phones, which is becoming a dangerously saturated category. The company's lack of aggressive expansion into tablets or even Internet radio is another testament to its failure to adapt in the post-Y2K environment.
RadioShack announced plans in March to close up to 1,100 underperforming stores, which could be a small fraction of the closings to come if the electronic retailer doesn't make meaningful adjustments, fast.
RSH data by YCharts
At the time of publication, the author had no position in any of the funds mentioned.
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