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RadioShack Profit Rises but Misses Forecast

February 23, 2001|Bloomberg News

RadioShack Corp. said its fourth-quarter profit rose 21% to $145.8 million, or 74 cents a share, but missed analysts' average forecast of 76 cents. Sales rose 14% to $1.58 billion. RadioShack resorted to heavy promotions to boost sales during the quarter, as did other retailers, after rising fuel prices and declining stock markets dampened consumer spending. Among RadioShack's promotions was free installation on DirectTV satellite systems. Some analysts admitted they may have overshot their original expectations after weighing in RadioShack's successful holiday selling season. The company said it expects earnings to grow between 15% and 20% for fiscal 2001, compared with the 19% rise analysts have predicted, helped by growing sales of wireless handsets and satellite dish systems. For the first quarter, it said earnings should match analyst expectations of 39 cents. RadioShack shares fell $3.45 to close at $39 on the New York Stock Exchange.

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