The company reported a net loss of $191.4 million today, or $1.90 per diluted share, compared to net loss of $63.3 million last year. On an adjusted basis, net loss was $129.9 million, which compares to an adjusted net income of $6.8 million last year.
Joseph C. Magnacca, chief executive officer, said, "Our fourth quarter financial results were driven by a holiday season characterized by lower store traffic, intense promotional activity particularly in consumer electronics, a very soft mobility marketplace and a few operational issues. Even in this environment, we're continuing to make progress on the five pillars of our turnaround plan: repositioning the brand, revamping the product assortment, reinvigorating the stores, operational efficiency and financial flexibility. "
Magnacca announced that the company has been reviewing its stores and decided to close up to 1,100 based on various factors.
"Over the past few months, we have undertaken a comprehensive review of our portfolio from many angles – location, area demographics, lease life and financial performance – in order to consolidate our store base into fewer locations while maintaining a strong presence in each market. The result of that review is our plan to close up to 1,100 underperforming stores. We will continue to have a strong, unmatched presence across the U.S. with over 4,000 stores including over 900 dealer franchise locations."
More details in the full earnings report linked below...