Big demand for digital television converters, strong back to school sales of laptops and GPS navigation devices helped RadioShack Corp. boost its third-quarter profit by a better-than-expected eight percent, the consumer electronics chain said Thursday.
"The quarter was relatively solid for RadioShack," RBC Capital Markets analyst Scot Ciccarelli told investors in a research note published Thursday.
Same-store sales, or sales at stores open at least one year, increased 7.7 percent during the third quarter compared with a year ago because of demand for digital television converter boxes, GPS devices and laptop computers, among other products.
"We are pleased with the overall outcome of our third quarter, especially in light of the difficult economic environment," Chairman and Chief Executive Julian Day said in a statement, adding that sales and earnings had slowed in September. "We anticipate that this challenging retail environment will continue."
