That well-received Super Bowl ad might end up being the only successful endeavor by RadioShack in 2014. The struggling electronics retailer posted another huge loss in the first fiscal quarter, with both overall and same-store sales plummeting.
RadioShack generated just $737 million in the first quarter, down from $848 million a year ago. Same-store sales were down 14 percent due to decreased foot traffic and underperformance in mobile sales. The company’s net loss was $98 million, more than triple the $28 million loss during the same period last year.
The retailer has faced headwinds for years, but RadioShack’s problems have escalated as consumers have grown more accustomed to buying electronics online through sites like Amazon. RadioShack CEO Joseph Magnacca said in a release that the company will reverse its fortunes by expanding its line of concept stores and launching new, exclusive products.
RadioShack said earlier this year it’s planning to close more than 1,000 of its U.S. locations, but in its earnings report the company said it now plans to close just 200 this year.
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