Report: RadioShack exploring sale
New York City RadioShack is exploring strategic alternatives that include a share buyback or a possible sale of the company that could net more than $3 billion, the New York Post said.
Investment bankers have already begun pitching their private-equity clients about a leveraged buyout of RadioShack, informing them of the retailer’s willingness to sell, the newspaper said.
Another option for RadioShack would be a merger with Best Buy Co., according to the report.
The company declined to comment in the report.
TRU reports 4Q, FY results
WAYNE, N.J. Toys”R”Us reported that for the fourth quarter of fiscal 2009, net sales increased 7.3% to $5.86 billion from $5.46 billion for the fourth quarter of fiscal 2008. According to the company, the strong fourth-quarter sales performance was driven by comparable-store sales increases in the company’s domestic and international segments of 3.3% and 0.1%, respectively.
Fiscal 2009 total net sales were $13.57 billion versus $13.72 billion in fiscal 2008. For the full year, comparable-store sales decreased by 3% and 2.8% for the domestic and international segments, respectively.
Toys”R”Us reported that the strongest total sales increases were experienced in toy categories. The largest sales decline was in the entertainment product category (which includes video game systems and related accessories).
For the 2009 fiscal year ended Jan. 30, the company reported net earnings of $312 million, an increase of 43.1% compared with net earnings of $218 million for the 2008 fiscal year. Net earnings for the fourth quarter were $387 million, compared with net earnings of $345 million for the fourth quarter of fiscal 2008.
“Our strong financial results for fiscal 2009 reflect the ongoing successful execution of our long-term strategy. The Toys“R”Us brand is unique and robust, and we were able to build momentum throughout the year by focusing on our core strengths and by being innovative in our offerings to customers,” said Jerry Storch, chairman and CEO of Toys“R”Us. “The continued integration of our toy and juvenile businesses and our focus on differentiated product offerings have helped drive our growth. Also, throughout the year, we continued to open new stores nationally and internationally, and to convert others to our side-by-side format. We are grateful to our customers and to our business partners who are supporting our growth as the world’s leading specialty retailer of toys and baby products. There can be no doubt that our team was ‘Playing to Win’ in 2009.”
Target donates $4 million for field trips
MINNEAPOLIS Target announced that through its Field Trip Grants program it is providing more than 470,000 students with the opportunity to learn outside the classroom through hands-on experiences at thousands of unique field trip destinations, by awarding $4 million to educators nationwide to fund 5,000 field trips.
“The Target Field Trip Grants program supports the many benefits of experiential learning outside the classroom,” said Laysha Ward, president of community relations for Target. “It helps fill a gap created by reduced educational funding and enables teachers to enhance their students’ classroom studies and daily textbook curriculum, while paving a path to graduation.”