Electronics retailer RadioShack
Comparable same-store sales for company-operated stores and kiosks fell 9.2 percent during the quarter and the company also reduced inventories by $69 million at the end of the fourth quarter to $636 million.
RadioShack said it expects capital expenditure for 2009 to be $75 million to $100 million. It had spent $85.6 million in capex in 2008.
Fourth-quarter net earnings came to $62.0 million, or 50 cents per share, compared with net income of $101.0 million, or 77 cents per share, last year.
Analysts on average had expected a profit of 73 cents a share before special items, according to Reuters Estimates.
Sales fell 7.7 percent to $1.3 billion. RadioShack said kiosk sales fell 2.2 percent.
RadioShack has closed unprofitable stores and cut staff in recent years but faces a tougher industry environment as consumers pull back spending in the recession.
Additionally, electronics retail leader Best Buy Co
Shares of RadioShack closed at $10.82 Monday on the New York Stock Exchange.
(Reporting by Mihir Dalal in Bangalore; Editing by Gopakumar Warrier)