Fort Worth, TX, U.S.-based RadioShack Corporation announced third quarter net income of U.S. $44.9 million, or $0.25 per diluted share, for the quarter ended September 30, 2002, compared to net income of $43.8 million or $0.23 per diluted share for the quarter ended September 30, 2001. Last year, RadioShack also reported third quarter 2001 net income on an adjusted basis (before employee separation and other costs) of $52.1 million or $0.27 per share.
Comparable store sales for the third quarter 2002 were flat compared to last year. Total sales in third quarter 2002 were $1,047 million, compared to total sales of $1,081 million the previous year, a decline of 3 percent. Third quarter wireless communication department sales, however, were up nearly 9 percent.
Also in third quarter 2002, on a year-over-year basis, gross margin was up 114 basis points to 49.8 percent.
"RadioShack's third quarter financial results reflect effective management of our working capital while generating a respectable level of same store sales and free cash in a tough operating environment," said Leonard Roberts, chairman and chief executive officer of RadioShack Corporation.
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