RadioShack Corp. (Fort Worth, Texas) announced that same-store sales were up 2 percent in its fourth quarter 2002, despite a total sales decline of 1 percent.
“RadioShack's fourth quarter earnings are the result of respectable same-store sales in a challenging retail environment,” said chairman and ceo Leonard Roberts. “The company also generated $375 million of free cash flow for the full year, exceeding its free cash flow guidance.”
For the year, same-store sales were down 1 percent and total sales declined 4 percent.
The company said it anticipates sales growth of 2 to 3 percent in 2003.
RadioShack operates more than 5100 company-owned consumer electronics stores and more than 2100 franchised stores. Its marketing thrust over the last several years has been to partner with vendors on in-store concept shops (Compaq computers, Sprint phones, RCA electronics and Microsoft Internet services and software) while selling off or shutting poorly performing subsidiaries (Incredible Universe, McDuff and Computer City).