RadioShack Profit Drops 23%

RadioShack Corp. said second-quarter profit dropped 23% as the consumer-electronics retailer battled soft cellphone sales and higher expenses.

The chain, which is based in Forth Worth, Texas, said net income sank to $52.3 million, or 33 cents a share, down from $68.3 million, or 42 cents a share, a year earlier. Sales for the quarter rose 3.6% to $1.09 billion. Same-store sales, or sales at locations open at least one year, fell 1%, the company said.