FORT WORTH, Texas — RadioShack’s first-quarter loss widened and revenue slumped as the retailer dealt with weakness in its mobile business and consumer electronics.
Its performance missed Wall Street’s view. The stock dropped more than 11 percent in afternoon trading on Tuesday.
CEO Joseph C. Magnacca said in a statement that its mobile business was hurt because the current handset assortment didn’t resonate well with customers. It was also contending with more promotions, including those of wireless carriers.
Magnacca said that RadioShack is working on building its pipeline of new products, including private brand and exclusive items such as those from new partnerships with Quirky and PCH.