RadioShack beats Wall St forecasts

ELECTRONICS chain RadioShack yesterday posted third-quarter sales that topped Wall Street expectations, helped by its push into mobile phones, sending its shares up 16 per cent to a year high.<br /><br />Net sales totaled $990m (&pound;606m), well ahead of average Wall Street forecasts of $961.7m. While profit was slightly below estimates, falling to $37.4m from $49.1m, the top line performance revived confidence in a chain that has been hit by a pullback in consumer spending and competition from the likes of Best Buy.<br /><br />&ldquo;Our financial performance improved in the latter part of the quarter, primarily driven by our strong mobility business combined with an economy showing some signs of potential stabilization,&rdquo; chief financial officer Jim Gooch said.<br /><br />The retailer recently signed a deal with wireless carrier T-Mobile USA and is now focusing more on selling both handsets and air time as well as popular electronics products such as iPods.