RadioShack quarterly sales drop 16 percent

(Reuters) - Struggling electronics retailer RadioShack Corp reported a 16 percent drop in quarterly sales and said it was undertaking cost-cutting actions to boost earnings by over $400 million (255 million pounds) annually. Net loss widened to $161.1 million, or $1.58 per share in the third quarter ended Nov. 1, from $135.9 million, or $1.35 per share, a year earlier. Net sales fell for the eleventh straight quarter to $650.2 million from $775.4 million a year earlier. (Reporting by Sruthi Rama