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RadioShack Corporation Company Overview and History - Case Study Example

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This case study "RadioShack Corporation Company Overview and History" is about how started the way to company off in 1921 with one-store retail and mail-order operation in the heart of downtown Boston. RadioShack signifies the small, wooden structure which housed a ship's radio equipment…
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RadioShack Corporation Company Overview and History
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RadioShack Corporation Company Overview and History RadioShack Corporation (RadioShack) is mainly in the retail sale of consumer electronics goods and services through its network of retail stores and non-RadioShack branded kiosk operations. There are around 6000 stores in US supplemented by another 100 locations in Mexico with nearly 800 wireless phone kiosks1. The company primarily operates in US, Canada and Mexico. The company is headquartered in Fort Worth, Texas and employs about 40,000 people (Datamonitor, 2007, 4). Having started its journey in 1921, the company has come a long way in establishing itself as a dominant player in the market. With stiff competition in the market and emergence of newer technologies, margins of the company are under pressure as of now, but the company has not yet given up. Its product line include wireless telephones and communication devices such as scanners and two-way radios; flat panel televisions, residential telephones, DVD players, computers and direct-to-home ('DTH') satellite systems; home entertainment, wireless, imaging and computer accessories; general and special purpose batteries; wire, cable and connectivity products; and digital cameras, radio-controlled cars and other toys, satellite radios and memory players. RadioShack also provides third-party services such as wireless telephone and DTH satellite activation, satellite radio service, prepaid wireless airtime and extended service plans to its customers (Datamonitor, 2007, 5). RadioShack started off in 1921 with a one-store retail and mail order operation in the heart of the downtown Boston when two brothers, Theodore and Milton Deutschmann pooled their efforts. The name "RadioShack," was arrived at after considering the most useful radio technology at that time i.e. the shipping radio signals2. RadioShack signifies the small, wooden structure which housed a ship's radio equipment. Therefore, it was thought that the name would be appropriate for a store that would supply the needs of radio officers aboard ships, as well as "ham" radio operators. Gradually, the store started becoming quite a useful one in the Northeast, and became a leading electronics mail-order distributor to hobbyists. And it continued to fulfill the needs of the amateur radio operators and other radio enthusiasts for couple of decades. The company also issued its first catalog in early 1940s, considered a luxury till that time. It opened its first audio comparator showroom for customers to view audio equipment in 1947. Same year, the company started visualizing the opportunity in the hi-fi equipment market and entered the high-fidelity market with the nations' first audio store in 1947. This store provided comparisons of speakers, amplifiers, turntables and phonograph cartridges. In the mid-1950s, RadioShack began selling its own private-label product line with the Realistic brand name, a variation of Realist, which had been used earlier3. The store chain kept growing in strength and by the early 1960s it had nine retails stores and a mail-order business under its name. Soon, it was a leading distributor of electronic parts and products to do-it-yourselfers around the world. Sooner thereafter, the company started feeling the pinch when the company's some of the poor operating practices took its toll and it fell on hard times. The company was later purchased by Charles Tandy, a successful entrepreneur in leather business, in 1963 for the equivalent of $300,000 cash. And the dwindling fortunes of the company started looking up once again when Charles Tandy turned out a plan of action for the newly acquired business. Tandy opened RadioShack stores in Australia, Belgium, France, Germany and Holland in 1969. RadioShack sold its first electronic calculator in the year 1972. Subsequently in early 1970s, Tandy Corporation started wrapping up its leather business to concentrate on radio equipment only. By 1975 it became exclusively an electronics company after it spun off all other operations into Tandycrafts and Tandy Brands4. In 1986, the company spun off its foreign retail operations as well into a separate company called InterTAN, Inc. The decade of the '70s was pivotal for RadioShack. It was a time of incredible growth - not only in the number of stores that were opened, but in the quantity, quality and sophistication of the products it offered. The citizen band (CB) used by ham radio operators soon became very much popular amongst radio enthusiasts. In 1977, RadioShack introduced the first mass-produced personal computer: the TRS-80 microcomputer. In contrast to build-it-yourself units available at the time, the TRS-80 was fully wired and tested. Although a primitive machine by today's standards, it was a technological and price breakthrough, and overwhelming customer demand caused a production backlog that lasted for months. Over 200,000 TRS-80 Model-I computers were sold from 1977 to 1981. Incidentally, the company which started off as a 'radio' company became the biggest brand name in little computers by the 1980s. The company also introduced the first affordably priced stereo receiver with digital technology, the first mobile/portable cellular telephone that consumers could install themselves and the first high-performance satellite TV system that could be installed by the do-it-yourself electronics enthusiast. As the 90s became more challenging in the form of competition and technology changes, the company recognized the need for strategic alliances for survival and RadioShack formed such an alliance with RCA/Thomson Electronics in 1999. The company, which had functioned under the brand name Tandy after its acquisition by Tandy felt the need to be with the modern times and changed its name from Tandy Corporation to RadioShack in 2000 and was listed on the New York Stock Exchange. In the same year, the company formed a strategic alliance with Verizon Wireless. Today, RadioShack offers a retail service concept unlike any other specialty consumer electronics retailer. Through its convenient and comfortable neighborhood stores, knowledgeable sales associates help customers get the most out of their technology products. RadioShack's legendary force of knowledgeable and helpful sales associates has been consistently recognized by several independent groups for providing the best customer service in the consumer electronics and wireless industries. Realizing the need for being seen as a formidable brand in the market the company partnered with Samsung to sponsor the Samsung/RadioShack 500 NASCAR race at Texas Motor Speedway in 2002. In the same year, the company announced plans to offer DISH Network direct to home satellite TV. RadioShack joined with EchoStar and Sirius to form satellite entertainment alliance in 2004. In the same year, the company formed strategic alliance with Motorola to leverage joint development, sourcing and licensing power. The company also Introduced Broadband Internet Telephony Service in Nearly 4,000 Stores in 38 States in the same year. Offering retail services concept through its convenient and comfortable neighborhood stores, knowledgeable sales associates of the company help customers get the most out of their technology products. RadioShack's legendary force of knowledgeable and helpful sales associates has been consistently recognized by several independent groups for providing the best customer services in the consumer electronics and wireless industries. In 2005 RadioShack entered into a broadband and video services retail agreement with Comcast followed by the launch of Skype-Ready products to its customers. Year 2006 proved to be an eventful year for the company. It was on February 20, that the company's Chief executive David J. Edmondson had to resign after the revelations that he had lied to the company about his education by claiming two college degrees when he had none (Norris, 2006, 1). In 2006, RadioShack partnered with Cingular to sell its wireless products and services across the US. RadioShack with Axiom Telecom, Brightstar, and Dangaard Telecom announced the formation of BRAXDA Telecom, a distribution, supply chain and retail alliance built to serve the wireless telecommunications industry worldwide in March 2006. TiVo, a producer of television services for digital video recorders (DVR), and RadioShack announced the availability of the new TiVo Series2 Dual Tuner (DT) DVR and TiVo Wireless G Adapter in RadioShack stores across the US in August 2006. In the same month, RadioShack entered an agreement with CA to acquire rights to distribute a trio of CA's utility software titles, including eTrust Internet Security Suite, eTrust Antivirus and Desktop DNA Migrator, making CA the only in-store software in RadioShack stores. The company also entered into a co branding retail franchise agreement with Duckwall-ALCO to promote RadioShack's brand and products in nine additional ALCO stores in the central US in the same month. The lookout for newer opportunities continues in 2007 as well with the company selecting a series of data warehousing and business analytics solutions from Teradata to support the new technology implementation. The company announced its free standard ground shipping program for orders through its online venture. Subsequently in June 2007, the company started offering a one-month free trial of #FOXN, a new mobile product providing a live audio feed of the FOX News Channel. In September 2007, the company announced the availability of the new Mio 'DigiWalker' C320 portable GPS navigation device, exclusively offered at nearly 4,500 neighborhood RadioShack stores nationwide and online at www.RadioShack.com. RadioShack Merchandising Vice President Doug Lane said5, "We have featured Mio DigiWalker GPS devices in our stores since April. Previous models received a tremendous response because of their great price and ease of use, and we expect nothing less from the sleek C320. Combine this great line of products from a leading worldwide supplier of portable GPS devices with our knowledgeable sales associates, and it's easy to understand why RadioShack has emerged as the leading retailer of this exciting new technology." SWOT Analysis Such analysis helps the company in planning strategies for the future, while the competitors can take a cue from the SWOT to plan their own strategies to take on the RadioShack. Strengths 1. Years of experience: RadioShack has been in business since 1921 and continued its journey through many ups and down during this period. While earlier the scene of electronic items retailing was not that much competitive and newer technologies used to last for decades, today in addition to an increase in competition the technology is also changing very fast. But RadioShack, having a sound experience of the industry is in a position to plan out the things for itself and pave its way. 2. Diversified product portfolio: RadioShack has a well diversified portfolio at its retail stores ranging from phones, radio communications, portable music, cameras, camcorders, batteries, home entertainment, cables, connectors, computers, toys, games, home & office equipment etc. This gives the company a room for leveraging the economies of scale. 3. Wide retail network: RadioShack has a good presence in US, Puerto Rico, Mexico, Canada and the U.S. Virgin Islands with the help of around 7500 retail stores. Such a retail network helps in the company in simultaneous presence at many locations, which in turn could keep the competitors guessing about the newer launches. 4. Strategic location of the stores: Most of the stores of RadioShack are located at vantage points, major shopping malls and strip centres, which are frequented by customers quite often. This provides the company an opportunity to be seen at strategic locations, which helps in placing the company at a higher pedestal in customer's mind. 5. Strong online presence: RadioShack has a strong online store as well, where the customer can make purchases while sitting in the cool comforts of his/her home. The online store also helps in surfing the range of products and the customer may decide at leisure about the matching requirements and then order it online as well. The company also provides a facility called 'Free Ship-to-Store order' which helps in free shipping6 of the product to the store located nearest to the customer, from where the customer can pick up the item. 6. Strong dealer network: The Company has a well established network of more than 1500 dependable dealers (Datamonitor, 2007, 25). These dealers have their own sets of reliable retailers who can convince the customer about the quality and dependability of the product and service. 7. Strategic Alliances: In these times of all round competition, it helps to have strategic alliances with reputed companies. Such alliances not only help in more visibility of the brand, but it also helps in convincing the customer about the compatibility and reliability of the products. RadioShack has strategic alliances with companies such as Hewlett-Packard, RCA, Sprint, and Verizon Wireless. HP operates a Compaq Creative Learning Center within RadioShack stores. Similarly RCA operates RCA Digital Entertainment Center; Sprint operates The Sprint Store; and Verizon Wireless operates The Verizon Wireless Store inside the company's stores (Datamonitor, 2007, 26). The company also has marketing agreements with manufacturers of several global brands including Aiwa, Panasonic, Casio, Fuji, Honeywell, Motorola, Nokia, Samsung and ZipZaps micro RC cars (Datamonitor, 2007, 26). Weaknesses 1. Dwindling profit margins: The financial statements of the company are a testimony towards the dwindling profit margins of the company. In fact in the current quarter the company has been able to register a miniscule net income of about $47 million (or $0.34 per diluted share) as compared to the net loss of $3 million or $0.02 per diluted share7 in the corresponding quarter in 2006. This could be result of a global slowdown in the business activities owing to some economic downturns in the previous years, but it also gives a sign of fatigue, which doesn't bode well for the future of the company. 2. Slump in sales: The overall sales of the company registered a slump by about 8.9% during the second quarter of 2007, which resulted in the fall of its revenues from $1.10 billion to $934.8 million, as compared to the previous year. 3. Falling share price: Though the stock market movements depend on a range of factors, and nobody can actually predict the movement of the stock indices and the stock price. But it is true that a healthy quote of the company's stock helps in identifying it as a reputed company. For the last 3-4 months the company's stock is under pressure on the bourses, after touching a high in June-July. This despite the fact that company registered profit figures for second quarter. 4. Lower inventory turnover: RadioShack's inventory turnover has been somewhat lower than the average of the industry. Its inventory turnover ratio of 2.9 during the fiscal year ending 2006 is significantly lower than the industry's average of 5.2 during the same period (Datamonitor, 2007, 26). Opportunities 1. Move toward digital: There's now a worldwide move towards adopting digital technologies in broadcasting, communication etc. This gives the company lot of scope to help itself by making use of its years of experience. For example the company is already geared up for the DTV transition and is educating the citizens about the imminent transitions to DTV in the broadcast television programming after the law has made it mandatory8. "Congress has passed a law requiring over-the-air "analog" TV broadcasting to end as of February 17, 2009. After that date, all local "TV" broadcasts will be "digital". 2. Increase in online sales: The Company has been quite successful to entice the customers towards its online store. There's also a growing trend towards e-business and e-commerce activities the world over. Through online stores, the company can also reach out to international customers and wherever it does not have a presence in shopping malls and other physical forms. 3. Strategic tie-up with reputed companies: RadioShack has strategic tie-ups with many reputed companies who too are on the lookout for better business opportunities. Such combined efforts help in making better business bargains and penetrating newer markets. 4. Growth in the LCD TV market: The prices for Liquid-crystal-display (LCD) television sets have been falling over the years. The trend gained further momentum with the adoption of high-definition (HD) TV standards. RadioShack has been catering to this market for quite some time now and the growing trend presents a better business opportunity to the company. Threats 1. Increase in competition: The retail industry in general is undergoing rapid changes. With the entry of big MNCs in the retail business the competition is becoming more intense. Giant retailers like Wal-Mart, Home Depot etc. have been proving to be tough competitors to the company. This calls for innovative marketing efforts and fulfilling customer needs, in order to retain the customer within the fold of the company. Now, marketing and marketing communication efforts have been taking a big portion of companies' resources and survival of the fittest and most seen company has become the de-facto norm in the industry. 2. Shrinking profit margins: The profit margins have been shrinking over the years uniformly over the years for the industry the world over. Now the customer has more available options, so companies offer him better price bargains in order to retain him. More money is being put into research and development activities in order to have something innovative for the customer, which could attract the customer. Financial Analysis of the company The financials of RadioShack are under severe constraint over the last couple of years. It recorded revenues of $4,777.5 million during the fiscal year ended December 2006, a decrease of 6% over 2005. The operating profit of the company was $156.9 million during fiscal year 2006, a decrease of 55.2% over 2005.The net profit was $73.4 million in fiscal year 2006, a decrease of 72.8% over 2005 (Datamonitor, 2007, 4). In fact the company reported a net loss during the first three quarters of the year 2006. It was the fourth quarter which saved the company from annual losses and the company was able to register a net income of $73 million for the year (RadioShack annual report, 2006, 1). But in real terms these figures appear to be a direct result of the laying off of about 400-450 employees by the company. It is worthwhile here to mention that in a surprising move, RadioShack sent the notices of laying-off to the employees through emails9. Nonetheless the company seems to have initiated the damage control in right earnest and the financials for the two successive quarters in the year 2007 are an indication. Table-1: Brief overview of the revenues and earnings10 Revenue & Earnings Revenue (mil) (FYE) 4,777.50 Income From Continuing Operations (mil) (FYE) 73.40 Income From Total Operations (mil) (FYE) 73.40 Diluted EPS From Continuing Operations (FYE) .54 Diluted EPS From Total Operations (FYE) .54 These figures indicate that the earning per share (EPS) is under pressure for the company and it is resulting in not so profitable proposition for the loyal investors and might result in thwarting the potential investors, until the company undertakes some turnaround strategies. Table-2: Dividends pay-outs Dividends Ex-Dividend Date 11/29/06 Dividend Rate .25 Yield 1.27% Yield - 5 Year Average 1.02 Though the company has been rewarding the shareholders with dividends consistently for more than a decade, but the payouts have not proved to be handsome enough for the company. In fact paying out the dividend is directly dependent upon the profit margins and revenue figures. And, RadioShack has been under pressure on account of these figures. Table-3: Operating ratios Ratios Price To Revenue .60 Price To Cash Flow 9.22 Price to Book 4.00 Debt To Equity 82.70 Current Ratio 1.63 Price to revenue ratio is found out by dividing the market price of the stock with the revenue per share. The fact that this ratio is less than 1 indicates the kind of constraints for the company in keeping its margins workable enough. Price to cash flow ratio is a measure of the market's expectations of a company's future financial health. A figure of 9.22 indicates that market has some confidence in the management of the company and its indeed expects that RadioShack is capable enough to script a success story. Like the price-earnings ratio, this measure also provides an indication of relative value. Price to Book ratio is used for comparing the stock's market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter's book value per share. A poor figure of 4 might as well mean that the stock is undervalued, but it may also signify that there's something fundamentally wrong with the company. In case of RadioShack it appears a mixed bag actually. Debt to Equity ratio is a measure of RadioShack's financial leverage calculated by dividing its total liabilities by stockholders' equity. Thus tt indicates what proportion of equity and debt the company has been using for the purpose of financing its assets. A debt to equity ratio of 82.7 is not a healthy figure as it indicates that RadioShack has been aggressively financing its growth with debt. This often results in volatile earnings, because the company has to pay additional interest on the expense. Current ratio signifies the liquidity ratio measuring the company's ability to pay short-term obligations. A current ratio of 1.63 signifies dwindling investor confidence in the company about the paying back capacity of the company. It indicts the company on its efficiency being displayed in its operating cycle. Table-4: Investor's interest Growth Rates 5-Year Annual Dividend Growth Rate 8.67 5-Year Annual Revenue Growth Rate .01 Though the company has recorded poor revenue growth, during the last 5 years, yet the growth in annual dividend payout rates indicates that the company values its investors and will try to go a step further for saving their interests. The company has recoded poor profitability in the recent years. For the period of 2002-2006, the company's operating profits and net profits declined at a compounded annual growth rate (CAGR) of 22% and 27% respectively. The decline in profitability is mainly due to the poor revenue growth of the company which increased at a CAGR of only 1% during the corresponding period. Continuous weak profitability might prove to be detrimental for the confidence of the investor community (Datamonitor, 2007, 26). Company Organizational Chart RadioShack is headed by a Mr. Frank J. Belatti who is heading the chair11 of Corporate Governance Committee and Member of Executive Committee Managing Partner, Equicorp Partners, LLC, Atlanta, Georgia. As far as the operations are concerned, the Chairman and of Chief Executive Officer exercises all executive powers with the approval of the executive committee and in consultation with the other key functionaries. The details about the key functionaries is as follows. Mr. Julian C. Day: Chairman and CEO and Member of Executive Committee Mr. Day has been the Chairman and of Chief Executive Officer of RadioShack since July 2006. Prior to his appointment, he was a Private Investor. Mr. Day had served in the past in senior leadership positions at some of the large publicly traded retailing companies in the U.S. and he played a key role in revitalizing such companies as Safeway, Sears and Kmart. Mr. Day became the President and Chief Operating Officer of Kmart Corporation (a mass merchandising company) in 2002 and served as Chief Executive Officer of Kmart from 2003 to 2004. Following the merger of Kmart and Sears, he served as a Director of Sears Holding Corporation until 2006. He joined Sears as Executive Vice President and Chief Financial Officer in 1999, and was promoted to Chief Operating Officer and a member of the Office of the Chief Executive, where he served until 2002. Mr. Robert S. Falcone: Member of Audit and Compliance Committee At RadioShack Mr. Falcone heads the chair of Audit and Compliance Committee, member of Executive Committee and member of Management Development and Compensation Committee. Mr. Falcone has been serving as the President and CEO, GCR Custom Research, LLC, Portland, Oregon till the middle of October 2007. Mr. Falcone, has been named as President and Chief Executive Officer of Nautilus, Inc. Mr. Falcone has more than 37 years of experience in management, board and audit experience. Mr. Daniel R. Feehan: Presiding Director and Member of Executive Committee Mr Feehan is also the President and CEO, Cash America International, Inc., Fort Worth, Texas. He has been the CEO since February 1, 2000 and its President since January 1990. At RadioShack Mr. Feehan is the Chair of Finance and Strategic Transactions Committee, member of Executive Committee, member of Management Development and Compensation committee. Mr. Richard J. Hernandez: Member of Management Development and Compensation Committee Mr. Hernandez is having lot of industrial experience. He retired as President, McKesson Corporate Solutions, McKesson Corporation, Phoenixville, Pennsylvania. Mr. H. Eugene Lockhart Mr. Lockhart is the chair of Audit and Compliance Committee, Member of Corporate Governance Committee and Member of Executive Committee Partner, Diamond Castle Holdings, New York, New York Mr. Jack L. Messman Mr Messman is a member of Audit and Compliance Committee Private Equity Investor and Consultant, Weston, Massachusetts Mr. William G. Morton, Jr. Mr. Morton Jr. is a member of Management Development and Compensation Committee; Director and Advisor, Non-Profit Director and Trustee, Boston, Massachusetts Mr. Thomas G. Plaskett Mr. Plaskett is Member of Audit and Compliance Committee and Chairman, Fox Run Capital Associates, Irving, Texas Ms. Edwina D. Woodbury Ms. Edwina is heading the chair of Management Development and Compensation Committee, Member of Corporate Governance Committee and Member of Executive Committee, President and CEO, The Chapel Hill Press, Inc., Chapel Hill, North Carolina ERP i.e. enterprise resources planning is now an integral part of the operations in a company. The resources are required to be planned before putting them in use. At RadioShack this task is done in general by the executive board headed by Mr. Julian C. Day, the Chairman and CEO of the company. In case of exigencies though, Mr. Day can take a decision suitable for the occasion, which required to be ratified later by the executive board. References: 1. Datamonitor (2007). RadioShack Corporation. Company Profile. Datamonitor Americas, NY USA 2. RadioShack Corporation (2007). Available online at http://www.radioshackcorporation.com/history.html (October 24, 2007) 3. Norris, Floyd (2006). RadioShack Chief Resigns After Lying. The New York Times. Available online at http://www.nytimes.com/2006/02/21/business/21radio.html_r=1&n=Top/News/Business/Companies/RadioShack%20Corporation&oref=slogin (October 24, 2007) 4. Digital Television (2007). Countdown to DTV transition. Available online at http://www.dtv.gov/ (October 24, 2007) 5. RadioShack annual report (2006). Available online at http://216.139.227.101/interactive/rsh2006/ (October 24, 2007) Read More
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