Toys "R" Us, Inc.
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Toys "R" Us, Inc.
Recent Developments
Jan 31, 2011 : Toys "R" Us offers to pay staffers $1m in back pay
Fast Facts
Headquarters Address
One Geoffrey Way, Wayne, 07470, United
States of America
Telephone
+ 1 973 6173500
Fax
+ 1 973 6174006
Website
www.toysrus.com
Ticker Symbol, Stock Exchange
N/A
Number of Employees
70,000
Fiscal Year End
February
Revenue (in US$ million)
13,543.00
SWOT Analysis
Strengths
Weaknesses
Efficient distribution capabilities
Dependence on selected vendors
Industry recognition
Seasonal nature of the business
Multiple channel selling strategy
Wide geographic presence
Opportunities
Threats
Growth of web-based store concept
Increase in counterfeit products
Increase in consumer spending in the
US
Increase in organized retail crime
Strategic collaborations
Jan 31, 2011 : Toys "R" Us offers to pay staffers $1m in back pay
Jan 31, 2011 : Toys "R" Us offers to pay staffers $1m in back pay
Toys "R" Us, Inc. - Company Overview
Toys "R" Us, Inc. (Toys"R"Us) is a specialty retailer of toy and baby products. The company’s product portfolio includes children’s apparel, juvenile, learning, entertainment, core toy, parenting and seasonal products. These products are sold under various private labels such as Fast
Lane, Imaginarium, Dream Dazzlers, You & Me,
Just Like Home, FAO Schwartz, Toysrus and tabeo. Apart from in-store, the company sells merchandize online at various e-commerce sites including Toysrus.com,
Babiesrus.com,
eToys.com, FAO.com and babyuniverse.com. As of February 2013, the company operated 1,540 retail stores and more than 160 licensed stores in
35 countries and jurisdictions. These stores are operated under assorted store formats, which include side-by-side stores, “R” superstores, traditional toy stores and specialty juvenile stores.
The company is headquartered in Wayne, New
Jersey, the US.
Rise in manpower costs
Key Competitors
Family Dollar Stores, Inc. (Ticker: FDO)
Fat Brain Toys, LLC.
GameStop Corp. (Ticker: GME)
Prodigy Toys, LLC
Target Corporation (Ticker: TGT)
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TABLE OF CONTENTS
1
Toys "R" Us, Inc. - Key Employees.............................................................................................................4
2
Toys "R" Us, Inc. - Key Employee Biographies .........................................................................................5
3
Toys "R" Us, Inc. - Major Products and Services ......................................................................................6
4
Toys "R" Us, Inc. - History ..........................................................................................................................7
5
Toys "R" Us, Inc. - Locations and Subsidiaries .......................................................................................10
5.1
Toys "R" Us, Inc. - Head Office .......................................................................................................................... 10
5.2
Toys "R" Us, Inc. - Other Locations and Subsidiaries ......................................................................................... 10
6
Toys "R" Us, Inc. - Business Analysis .....................................................................................................14
6.1
Toys "R" Us, Inc. - Company Overview .............................................................................................................. 14
6.2
Toys "R" Us, Inc. - Business Description............................................................................................................ 14
7
Toys "R" Us, Inc. - SWOT Analysis...........................................................................................................16
7.1
Toys "R" Us, Inc. - SWOT Analysis - Overview .................................................................................................. 16
7.2
Toys "R" Us, Inc. - Strengths ............................................................................................................................. 16
7.2.1
Strength - Efficient distribution capabilities ..................................................................................................... 16
7.2.2
Strength - Industry recognition....................................................................................................................... 16
7.2.3
Strength - Wide geographic presence ............................................................................................................ 16
7.2.4
Strength - Multiple channel selling strategy .................................................................................................... 16
7.3
Toys "R" Us, Inc. - Weaknesses ........................................................................................................................ 17
7.3.1
Weaknesses - Seasonal nature of the business............................................................................................. 17
7.3.2
Weaknesses - Dependence on selected vendors........................................................................................... 17
7.4
Toys "R" Us, Inc. - Opportunities ....................................................................................................................... 17
7.4.1
Opportunities - Strategic collaborations ......................................................................................................... 17
7.4.2
Opportunities - Growth of web-based store concept ....................................................................................... 17
7.4.3
Opportunities - Increase in consumer spending in the US .............................................................................. 18
7.5
Toys "R" Us, Inc. - Threats ................................................................................................................................ 18
7.5.1
7.5.2
Threats - Rise in manpower costs.................................................................................................................. 18
7.5.3
8
Threats - Increase in organized retail crime ................................................................................................... 18
Threats - Increase in counterfeit products ...................................................................................................... 18
Toys "R" Us, Inc. - Mergers & Acquisitions and Partnerships ...............................................................19
8.1
Toys "R" Us, Inc. - M&A and Partnerships Strategy ........................................................................................... 19
9
Toys "R" Us, Inc. - Recent Developments ................................................................................................24
10
Appendix ....................................................................................................................................................26
10.1
Methodology ..................................................................................................................................................... 26
10.2
Disclaimer ......................................................................................................................................................... 26
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List of Tables
Table 1: Toys "R" Us, Inc. - Key Employees ........................................................................................................................ 4
Table 2: Toys "R" Us, Inc. - Key Employee Biographies....................................................................................................... 5
Table 3: Toys "R" Us, Inc. - Major Products and Services .................................................................................................... 6
Table 4: Toys "R" Us, Inc. - History ..................................................................................................................................... 7
Table 5: Toys "R" Us, Inc. - Subsidiaries ........................................................................................................................... 10
Table 6: Toys "R" Us, Inc. - Locations ............................................................................................................................... 13
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1 Toys "R" Us, Inc. - Key Employees
Table 1: Toys "R" Us, Inc. - Key Employees
Name
Job Title
Board Level
Since
Age
Deborah Derby
Vice Chairman , Executive Vice
President
Executive Board
2013
Richard Barry
Executive Vice President, Chief
Merchandising Officer
Senior Management
2012
Andre Javes
Managing Director - Australia
Senior Management
2013
Roger McLaughlan
Managing Director - UK
Senior Management
2012
F. Clay Creasey
Chief Financial Officer, Executive Vice
President
Senior Management
2006
64
David J. Schwartz
Executive Vice President, General
Counsel, Secretary
Senior Management
Antonio Urcelay
President - Europe, Interim Chief
Executive Officer
Senior Management
2013
60
Monika M. Merz
President - Asia-Pacific
Senior Management
2011
Troy Rice
Executive Vice President - Stores and
Services
Senior Management
2012
Ira Hernowitz
Executive Vice President - “R”Us Brands Senior Management
2013
Source: Canadean
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2 Toys "R" Us, Inc. - Key Employee Biographies
Table 2: Toys "R" Us, Inc. - Key Employee Biographies
F. Clay Creasey
Job Title : Chief Financial Officer, Executive Vice President
Since : 2006
Antonio Urcelay
Job Title : President - Europe, Interim Chief Executive Officer
Since : 2013
Richard Barry
Job Title : Executive Vice President, Chief Merchandising Officer
Since : 2012
Mr. Creasey has been the Chief Financial Officer and an Executive
Vice President of the company since 2006. From 2005 to 2006, he served as the Chief Financial Officer of Zoom Systems, an automated retailer, and from 1992 to 2005 he held various positions at Mervyn’s, a subsidiary of Target, including the Senior
Vice President of Finance and the Chief Financial Officer.
Mr. Urcelay has been the Interim Chief Executive Officer of the company since May 2013.
He also continues to lead the company’s business in Europe, serving as President – Europe since July 2010. With more than 17-year tenure with the company he served in various roles of increasing responsibility for the company’s European business, having held positions, including the
Managing Director, Iberia (Spain and Portugal); President,
Southern Europe; and as the President, Continental Europe. In
2011, Mr. Urcelay led the company’s market entry into Poland, providing a potential gateway for further growth in Europe. Before joining the company in 1996, he spent the majority of his career working in retail and the consumer packaged goods industry. Most recently, he served as the Managing Director, Leche Pascual S.A., a Spanish dairy company. Previously, he spent 11 years as the
Head of the Spanish division for a British-owned supermarket chain, becoming a member of the Board of Directors of its parent company, the Ashley Group. He also spent six years at the Dutch supermarket chain Royal Ahold. He also served as a Marketing
Manager for the Spanish subsidiary of Procter & Gamble. Earlier, he spent five years practicing law at the international law firm
Cremades, where he became a partner.
Mr. Barry has been an Executive Vice President and the Chief
Merchandising Officer of the company since October 2012. Prior to this he served as the Senior Vice President and the Chief
Merchandising Officer till February 2012. He was elected as the
Vice President, General Merchandising Manager in 2010. Earlier, in
2004, he was promoted to Merchandising Director for Toys“R”Us,
International, where he managed buying decisions for categories including Video Games, Electronics, Learning and Sports. He joined the company in 1985 as a part-time employee in the UK.
Source: Canadean
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3 Toys "R" Us, Inc. - Major Products and Services
Toys "R" Us, Inc. is a specialty retailer based in the US. The key products and services offered by the company include the following:
Table 3: Toys "R" Us, Inc. - Major Products and Services
Products:
Clothing
Bedding
Toys
Computer software
DVDs
Educational toys
Electronics
Furniture
Infant care
Room décor
Seasonal products
Video game hardware and software
Services:
Retail
E-retail
Brands:
Fast Lane
Imaginarium
Dream Dazzlers
You & Me
Just Like Home
FAO Schwartz
Toysrus
Toysrus international
Babiesrus
KB Toys tabeo Banners:
Toys“R”Us
Toys“R”Us, International
Babies“R”Us
KBToys
Source: Canadean
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4 Toys "R" Us, Inc. - History
Table 4: Toys "R" Us, Inc. - History
Year
Event type
Description
2012
Others
The company was ranked at 35# on Interbrand’s Top 50 Most Valuable U.S. Retail
Brands.
2012
Corporate Awards
Toys"R"Us received Marketplace Award from Disability Matters for its work with Autism
Speaks.
2012
New Products/Services
The company introduced tabeo, a kid-friendly tablet developed along with an entire ecosystem of accessories.
2011
Corporate Changes/Expansions
The company opened its first store in Poland.
2011
New Products/Services
The company launched collection of wood vehicles, play-sets and track in collaboration with Disney Corporation.
2011
Corporate Changes/Expansions
Toys "R" Us launched a new e-commerce distribution center near Reno, Nevada, the US.
2011
New Products/Services
The company launched toys for dogs under the Toys“R”Us Pet brand name.
2011
Acquisitions/Mergers/Takeovers
The company acquired 70.00% stake in Labuan from Li & Fung.
2011
Contracts/Agreements
Toys"R"Us entered into a joint venture agreement with Li & Fung Retailing, to assume ownership and oversight of 90 existing Toys“R”Us stores in Brunei, China, Hong Kong,
Malaysia, Singapore, Taiwan and Thailand.
2011
Others
The company was ranked at 39# on Interbrand’s Top 50 Most Valuable U.S.
2010
New Products/Services
Toys "R" Us introduced an exclusive line of baby essentials marketed under Babies"R"Us brand. 2009
Others
Toys "R" Us completed the offering of US$725 million principal amount of senior secured
8.50% notes due 2017 (the Notes) by Toys "R" Us Property Company II, LLC.
2009
Acquisitions/Mergers/Takeovers
The company acquired eToys.com, including its online shop BabyUniverse.com and the parenting resource website ePregnancy.com.
2009
New Products/Services
Toys"R"Us introduced a unique “Gift Card Exchange Program”.
2009
Acquisitions/Mergers/Takeovers
The company acquired eToys.com, an e-commerce site.
2009
Acquisitions/Mergers/Takeovers
Toys"R"Us acquired the toy retailer - FAO Schwarz Stores.
2009
New Products/Services
The company launched a new video game trade-in program at its stores nationwide.
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Table 4: Toys "R" Us, Inc. - History
Year
Event type
Description
2009
Contracts/Agreements
The company obtained the exclusive right to operate FAO Schwarz, one of the most iconic children’s retailers in the world.
2008
Corporate Awards
The company received the Specialty Retailer of the Year SPARC award from Retailing
Today.
2008
New Products/Services
The company introduced an exclusive line of eco-friendly toys.
2008
Contracts/Agreements
The company partnered with Safe Kids Worldwide to offer better children safe products.
2008
Contracts/Agreements
Toys "R" Us entered into an exclusive partnership agreement with designer Amy Coe to offer an extensive new collection of baby merchandise for today’s fashion- conscious moms and gift givers.
2008
New Products/Services
The company launched its modified e-commerce site www.Toysrus.com, with new functionality and features for kids, gift finder and other users.
2007
Corporate Changes/Expansions
The Al Futtaim Group opened a Toys"R"Us outlet on Sheikh Zayed road, the UAE.
2007
Corporate Awards
The company received Best Retailer of the Year for “Deal or No Deal” Sweepstakes at the LIMA (Licensing Industry Merchandiser’s Association) International Licensing
Excellence Awards ceremony.
2006
Corporate Awards
The company received Retailer of the Year Award by International Licensing Industry
Merchandisers’ Association (LIMA).
2006
Contracts/Agreements
Toys "R" Us partnered with GSI Commerce e-commerce solutions and Exel, a contract logistics provider, to support a new platform for the company's online businesses
Toysrus.com and Babiesrus.com.
2006
Litigation
The company's Toysrus.com subsidiary won a lawsuit against Amazon.com, which had run the company's websites since 2000.
2006
Corporate Changes/Expansions
Toys "R" Us opened a 574,000 sq. ft. fulfillment center in Groveport, Ohio, the US, to support its Toysrus.com and other business locations.
2005
Ownership Changes
The company was fully acquired by an investment group consisting of Bain Capital
Partners, Kohlberg Kravis Roberts & Company and Vornado Realty Trust, subsequently making it a private company.
2004
Litigation
Toys "R" Us sued Amazon.com to protect its exclusivity rights in the toy and game and baby products categories for its online eCommerce site.
2004
Acquisitions/Mergers/Takeovers
The company acquired SB Toys.
2003
Business / Operations Closure
The company closed 180 stores selling children's clothing and educational toys.
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Table 4: Toys "R" Us, Inc. - History
Year
Event type
Description
2001
Corporate Changes/Expansions
The company opened its international flagship store in New York City’s Times Square.
2000
Contracts/Agreements
Toysrus.com partnered with Amazon.com to form a co-branded online toy store.
1998
Corporate Changes/Expansions
The company established its new division Toysrus.com.
1996
Corporate Changes/Expansions
The company established its first Babies“R”Us location in Westbury, New York, the US.
1984
Corporate Changes/Expansions
The company opened its first international wholly-owned store in Canada and licensed operation in Singapore.
1983
Corporate Changes/Expansions
The company opened its first Kids“R”Us stores in Paramus, New Jersey and Brooklyn,
New York, the US.
1978
Stock Listings/IPO
The company became public and was listed on the New York Stock Exchange.
1948
Incorporation/Establishment
Toys "R" Us, Inc. was established as a baby furniture store in Washington, the US.
Source: Canadean
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5 Toys "R" Us, Inc. - Locations and Subsidiaries
5.1
Toys "R" Us, Inc. - Head Office
Toys "R" Us, Inc.
One Geoffrey Way
Wayne
Zip: 07470
United States of America
Tel: + 1 973 6173500
Fax: + 1 973 6174006
5.2
Toys "R" Us, Inc. - Other Locations and Subsidiaries
Table 5: Toys "R" Us, Inc. - Subsidiaries
Toys"R"Us-Japan, Ltd.
Muza Kawasaki Central Tower 25th and 26th Floor
1310 Omiya-cho, Saiwai-ku
Kawasaki
Zip: 212 8566
Japan
Tel: + 81 44 5499030
Toys"R"Us-Japan, Ltd.
4-12-20, Kamiomi chuo-ku Niigata-shi
Japan
Tel: + 81 25 2844633
Fax: + 81 44 5499140
Toys"R"Us-Japan, Ltd.
Toys"R"Us-Japan, Ltd.
4-7-110, Numadate
52-15, Ishikawa-cho
Hachinohe-shi
Hakodate-shi
Aomori
Japan
Japan
Tel: + 81 138 474516
Tel: + 81 178 240481
Toys"R"Us-Japan, Ltd.
Toys"R"Us-Japan, Ltd.
2-8-7, Sumiyoshi
1912-1, Aza-Hyakkoku
Ami-machi
Yashimanishi-machi
Inashiki-gun
Takamatsu-shi
Japan
Japan
Tel: + 81 29 8434093
Tel: + 81 87 8436816
Babies "R" Us
Toys "R" Us-Delaware, Inc.
One Geoffrey Way
461 From Road
Lake Building
Paramus
Wayne
Zip: 07652
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Table 5: Toys "R" Us, Inc. - Subsidiaries
Zip: 07470
United States of America
United States of America
Tel: + 1 973 6173500
Fax: + 1 973 6174006
Toys R Us, LTD.
Toys R Us Iberia, S.A.
2777 Langstaff Road
Poligono Ind Oeste
Concord
Alcala De Henares
Toronto
Zip: 28802
Zip: L4K 4M5
Spain
Canada
Tel: + 34 91 8878200
Tel: + 1 905 6602000
Fax: + 34 91 8878273
Toys R Us Pty Ltd
Block G – Commercial Drive
Regents Park Estate, 391 Park Road
Toys"R"Us-Japan, Ltd.
3-2-102, Higashida
Yahatahigashi-ku
Regents Park
Kitakyusyu-shi
Zip: 2143
Japan
Australia
Tel: + 81 93 6815701
Tel: + 61 2 97948999
Toys R Us Pty Ltd
Toys"R"Us-Japan, Ltd.
Shop 186 Westfield
173-1, Minamigakuma
Shoppingtown
Tottori-shi
Belconnen
Japan
Zip: 2617
Tel: + 81 857 310666
Australia
Tel: + 61 2 62533355
Toys R Us Pty Ltd
Toys R Us Pty Ltd
Shop TN94 Brand Depot,
Unit 16A
18-26 Spitfire Avenue
Home Central 9-49 Chapel Road
Canberra Airport
BankstowN
Zip: 2609
Zip: 2200
Australia
Australia
Tel: + 61 2 62299100
Tel: + 61 2 87130100
Toys"R"Us-Japan, Ltd.
Toys"R"Us-Japan, Ltd.
2-6-52, Konan-cho
2-16-51, Ujina-nishi
kita-ku
Minami-ku
Okayama-shi
Hiroshima-shi
Japan
Japan
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Table 5: Toys "R" Us, Inc. - Subsidiaries
Tel: + 81 86 2314692
Tel: + 81 82 2559935
Toys R Us SARL
Toys R Us, GMBH
2 Rue Thomas Edison
Kohl Strasse 8
La Remise, Lisses
Koln (Ossendorf)
Evry Cedex
Cologne
Zip: 91044
Zip: D 50827
France
Germany
Tel: + 33 1 60768300
Tel: + 49 221 59720
Toys R Us Portugal, LDA
Centro Comercial – "Cascais Shopping
Toys R Us Pty Ltd
22B Blaxland Road
Estrada Nacional 9
Campbelltown
Alcabideche
Zip: 2765
Zip: 2560
Australia
Portugal
Tel: + 61 2 46284838
Tel: + 351 21 4602020
Toys R Us Pty Ltd
Toys R Us Pty Ltd
Home Hub Hills, Shop 75
Spring St
Lvl 1, 16 Victoria Avenue
Chatswood
Castle Hill
Zip: 2067
Zip: 2154
Australia
Australia
Tel: + 61 2 94132970
Tel: + 61 2 98424000
Toys R Us Pty Ltd
Toys R Us Pty Ltd
Shop 1A Westfield Shoppingtown
Erina Fair, Terrigal Dr
Cross St & Park RdZ
Erina
Hurstville
Zip: 2250
Zip: 2220
Australia
United States of America
Tel: + 61 2 43651300
Tel: + 61 2 95851588
Toys R Us Pty Ltd
Toys R Us Pty Ltd
Shop 3M Westfield Shoppingtown
Shp U3, Westfield Shoppingtown
600 The Kingsway
Cnr Park Ave & Northcott Dr
Miranda
Kotara
Zip: 2228
Zip: 2289
Australia
Australia
Tel: + 61 2 95427799
Tel: + 61 2 49577311
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Table 5: Toys "R" Us, Inc. - Subsidiaries
Toys R Us Pty Ltd
Knox City Shopping Centre
425 Burwood Highway
Wantirna Sth
Zip: 3152
Australia
Tel: + 61 03 98872900
Source: Canadean
Table 6: Toys "R" Us, Inc. - Locations
Toys "R" Us, Inc.
970 Upper Wentworth Street
Hamilton
Zip: L9A 4V8
Canada
Toys "R" Us, Inc.
Cardiff International
International Sports Village
Cardiff
Zip: CF11 OSP
United Kingdom
Source: Canadean
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6 Toys "R" Us, Inc. - Business Analysis
6.1
Toys "R" Us, Inc. - Company Overview
Toys "R" Us, Inc. (Toys"R"Us) is a specialty retailer of toy and baby products. The company’s product portfolio includes children’s apparel, juvenile, learning, entertainment, core toy, parenting and seasonal products. These products are sold under various private labels such as Fast Lane, Imaginarium, Dream Dazzlers, You & Me, Just Like Home, FAO Schwartz,
Toysrus and tabeo. Apart from in-store, the company sells merchandize online at various e-commerce sites including
Toysrus.com, Babiesrus.com, eToys.com, FAO.com and babyuniverse.com. As of February 2013, the company operated
1,540 retail stores and more than 160 licensed stores in 35 countries and jurisdictions. These stores are operated under assorted store formats, which include side-by-side stores, “R” superstores, traditional toy stores and specialty juvenile stores. The company is headquartered in Wayne, New Jersey, the US.
6.2
Toys "R" Us, Inc. - Business Description
Toys"R"Us is a specialty retailer based in the US. The company primarily retails toy and baby related products under various private labels including Babies “R” Us, Journey Girls, Animal Alley, Imaginarium, Fast Lane, You & Me, Just Like Home, And
Fao Schwarz in its stores.
The company retails toys and juvenile products. Its products include boys and girls toys, such as action figures, dolls and doll accessories, role play toys, and vehicles; video game software, systems and accessories, tablet computers, electronics, and other related products, and juvenile products, including baby gear, infant care products, apparel, commodities, furniture, bedding, and room decors.
Additionally, Toys"R"Us offers educational electronics and developmental toys comprising its Imaginarium products in the
US and World of Imagination products internationally, and provides construction toys, creative activities, games, and preschool merchandise, such as learning products, activities, and toys. Apart from this, the company provides seasonal products, including toys and other products for holidays and summer activities, and bikes, sporting goods, play sets, and other outdoor products.
The company classifies its business operations into two segments including Domestic and International.
Under the Domestic business segment the company sells merchandize through 875 stores located in 49 states in the US and Puerto Rico and at online. During FY2013, the company generated 60.00% of the total revenue from this business segment. The International business segment of the company operates 665 company-owned and 163 licensed stores in 35 countries and jurisdictions including Australia, Austria, Brunei, Canada, China, France, Germany, Hong Kong, Japan, Malaysia,
Poland, Portugal, Singapore, Spain, Switzerland, Taiwan, Thailand and the UK. During FY2013, the company generated
40.00% of the total revenue from this business segment.
As of February 2013, the company operated 1,540 retail stores including 852 traditional toy stores established within 20,000 to 50,000 sq. ft retail space; 374 SBS stores that range in size from 30,000 to 70,000 sq. ft.; 252 juvenile stores ranging from
30,000 to 45,000 sq. ft in size; 59 Express stores established within 2,000 to 7,000 sq. ft. retail space and three flagship store locations, which range in size from 55,000 to 105,000 sq. ft. Additionally, the company operates more than 160 licensed stores in 35 countries and jurisdictions. These stores are operated under several store banners including
Toys“R”Us, Babies“R”Us, FAO Schwarz and KB Toys.
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Under Toys“R”Us banner, the company offers toys, games, learning aids, electronics, children’s apparel and juvenile furniture. This banner comprises more than 600 stores located throughout the US. The Babies“R”Us banner operates in more than 260 locations nationwide, featuring a wide selection of products for newborns and infants, including cribs and furniture, car seats, strollers, formula, diapers, bedding, clothing for preemies through size 5T. These stores offer merchandize online and through in-store baby registry. Under the FAO Schwarz banner, the company offers toy and juvenile products in flagship locations in New York City. These stores also sell products at FAO.com e-commerce site and at the
Toys“R”Us branded stores in the US. The company under KB Toys banner manages KB Toy Works stores in outdoor shopping centers, KB Toys stores in large shopping malls, and KB Toys Outlet and Toy Liquidators stores in outlet centers.
Apart from this, these stores sell merchandize online at KBToys.com.
The company sells merchandise online at various e-commerce sites including Toysrus.com, Babiesrus.com, eToys.com,
FAO.com, toys.com, and babyuniverse.com. Though the Toysrus.com site the company is involved in offering over 25,000 baby products and 40,000 toys and video game items besides offering the best deals in the category.
Additionally, the company operates 20 distribution centers including 10 that support Domestic operations and 10 that support International operations. As of February 2013, the company sourced its products from 4,000 vendors in the US and internationally. In March 2013, the company’s Babies“R”Us branded stores signed a partnership agreement with WhatToExpect.com, Heidi
Murkoff’s world-renowned pregnancy and parenting website, to offer expectant moms convenient access to their combined content and retail resources.
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7 Toys "R" Us, Inc. - SWOT Analysis
7.1
Toys "R" Us, Inc. - SWOT Analysis - Overview
Toys "R" Us, Inc. (Toys"R"Us) is a specialty retailer of toy and baby products. Wide geographic presence, multiple channel selling strategy, industry recognition and efficient distribution capabilities are the key strengths of the company, even as dependence on selected vendors and seasonality of business remain as areas of concern. Going forward, increase in counterfeit products, rise in manpower costs and increase in organized retail crime pose challenges to the company’s future growth. However, increase in consumer spending in the US, growth of web-based store concept and strategic collaborations may provide ample growth opportunities to the company.
7.2
Toys "R" Us, Inc. - Strengths
7.2.1 Strength - Efficient distribution capabilities
For operational efficiency, the company operates a strong distribution network. This includes 20 distribution centers including 10 each, supporting the domestic retail stores and international R Us branded stores. To minimize overall inventory levels and distribution costs, these distribution centers employ warehouse management systems and material handling equipment. It has been able to maintain superior in-stock inventory position due to flexibility in the warehouse / distribution system and the operation of a fleet of trucks to serve the stores’ needs. It continuously endeavors to improve the supply chain management, optimize the inventory assortment and upgrade the automated replenishment system. The company also has a multi-year agreement with Exel, Inc., a leading North American contract logistics provider to support delivery of products sold through the websites. For international markets, it utilizes several third parties, providing similar services.
Hence, such efficiency in distribution improves the inventory turnover and ensures of smooth operations.
7.2.2 Strength - Industry recognition
The company received a number of high-profile industry and consumer awards for its service quality. These industry and consumer awards have boosted the company’s image. In 2012, it received Marketplace Award from Disability Matters for its work with Autism Speaks. Additionally, in 2012, the company was ranked at 35# on Interbrand’s Top 50 Most Valuable U.S.
Retail Brands list, 39# on New Jersey Business Magazine’s Top 100 Employers in New Jersey list and 1st on NJBIZ magazine’s Top 100 Private Companies in New Jersey list.
Earlier in 2011, the company was ranked 39 on Interbrand’s Top 50 Most Valuable U.S. Retail Brands list, 29 on Internet
Retailer’s Top 500 Guide and 37 on STORES magazine’s Top 100 Retailers list. It was also recognized by the New Jersey
Retail Merchants Association as 2011 Retailer of the Year. Industry recognition assists the company to attract a diversified customer base, talent pool and also provides competitive edge over its peers.
7.2.3 Strength - Wide geographic presence
Wide geographic presence helps the company mitigate various risks associated with the dependence on a particular market.
Toys"R"Us is a specialty retailer of toys and baby related products and holds strong market share across all its operating markets. As of February 2013, the company operated 875 stores located in 49 states in the US and Puerto Rico; and 665 company-owned and 163 licensed stores in 35 countries and jurisdictions including Australia, Austria, Brunei, Canada,
China, France, Germany, Hong Kong, Japan, Malaysia, Poland, Portugal, Singapore, Spain, Switzerland, Taiwan, Thailand and the UK. During FY2013, the company generated 60.00% of the total revenue from the US and the remaining 40.00% from International. Therefore a wide geographic presence decreases the business risk of the company and helps it generate higher revenues, improve profit margins, attain economies of scale and generate brand equity on a worldwide basis.
7.2.4 Strength - Multiple channel selling strategy
Toys"R"Us sells products through traditional stores and online, and the sale of merchandise through multiple channels increases the company’s direct-to-consumer business. As of February 2013, the company operated 1,540 retail stores and more than 160 licensed stores in 35 countries and jurisdictions. These stores are operated under assorted store formats, which include side-by-side stores, “R” superstores, traditional toy stores and specialty juvenile stores. In addition, the company operates e-commerce websites: Toysrus.com, Babiesrus.com, eToys.com, FAO.com, toys.com, and babyuniverse.com whose quality and functionality are continually upgraded by the company. Diverse retail and marketing channels helps to increase brand awareness, store traffic and sales.
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7.3
7.3.1
Toys "R" Us, Inc. - Weaknesses
Weaknesses - Seasonal nature of the business
The company’s business is seasonal in nature, which may bring volatility in earnings. Each year, a significant portion of revenues are generated during the fourth quarter, as these are primarily holiday periods. Any decrease in sales during these peak seasons or unavailability of working capital, may adversely affect the overall revenues and profits of the company. For instance, in FY2013, the company generated 43.00% of the total net sales during the fourth quarter. In case the customer demand for merchandise decreases during such periods, the company may be compelled to offer the products on markdowns or promotional sales to dispose them off, which may affect its margins adversely.
7.3.2
Weaknesses - Dependence on selected vendors
Dependence on a few vendors reduces the company’s bargaining power. The company procures its merchandise from several vendors, both in the US and overseas. As of February 2013, the company had relationship with 4,000 vendors.
During FY2013, the company sourced 42.00% of the merchandise, based on value, from its top 20 vendors. Also, it doesn’t have any contractual assurances of continued supply, pricing or access to new products. In case any of the top vendors decides to stop selling to the company or is not able to meet the demand, the company’s operations and revenues may be adversely affected.
7.4
7.4.1
Toys "R" Us, Inc. - Opportunities
Opportunities - Strategic collaborations
The company’s recent collaborations will help in expanding its product portfolio. In March 2013, the company’s Babies“R”Us branded stores signed a partnership agreement with WhatToExpect.com, Heidi Murkoff’s world-renowned pregnancy and parenting website, to offer expectant moms convenient access to their combined content and retail resources. Earlier, in
May 2012, Babies“R”Us launched a brand-new multi-level partnership with Operation Shower, an organization that hosts joyful baby showers for military wives to ease the stress of their husbands’ deployment. Prior to this, in April 2012,
Babies“R”Us entered into a partnered agreement with Heidi Klum, world-renowned fashion icon and mom of four, to create an exclusive collection of affordable luxuries for little ones, adding to its growing assortment of differentiated product offerings. Such strategic collaborations expand the company’s offerings and customer base.
7.4.2
Opportunities - Growth of web-based store concept
The company stands to benefit from growing trend of online retailing, which provides consumers the convenience of shopping from home. With the increase in interactive methods and limitless content, the retail e-commerce is growing at a faster rate. According to the Census Bureau of the Department of Commerce, during fourth quarter of 2012, e-commerce sales in the US was US$60 billion, an increase of 4.40% in comparison with third quarter of 2012. The fourth quarter 2012 ecommerce estimate increased 15.60% compared to fourth quarter of 2011. It was also reported that the estimate of the US retail e-commerce sales for the fourth quarter of 2012 totaled US$72 billion, an increase of 36.30% compared to third quarter of 2012.
As Toys"R"Us also retails products online through established websites such as Toysrus.com, Babiesrus.com, eToys.com, and FAO.com, the company may further enhance its online shops and benefit from the increasing estimates of web-based store concepts.
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7.4.3
Opportunities - Increase in consumer spending in the US
The company may be benefitted from the increase in consumer spending in the US. According to a recent report by the U.S.
Bureau of Economic Analysis (BEA), in December 2012, the personal income (PI) in the US increased by 2.60%, and disposable personal income (DPI) increased by 2.70% as compared to November 2012. Additionally, personal consumption expenditures (PCE) increased by 0.10% for the same period. PI, DPI and PCE have been consistently increasing every month in the US since October 2012.
For the entire 2012 period, personal income (PI) in the US increased by US$455 billion or 3.52% and disposable personal income (DPI) increased by US$381 billion or 3.30% as compared to 2011. In addition, personal consumption expenditures
(PCE) increased by US$391 billion or 3.64% during the same period. The company offers diverse portfolio of products under various brands, which enjoy wide reach through its massive presence in the US. Growing personal income, disposable personal income and personal consumption expenditures indicates improved consumer spending in the US, which may positively affect the purchases of products and performance of companies such as Toys"R"Us.
7.5
7.5.1
Toys "R" Us, Inc. - Threats
Threats - Increase in organized retail crime
Organized retail crime is on the rise and this may negatively affect profits of retailers. According to a survey conducted by the National Retail Federation, 96.00% of retailers reported acts of organized retail crime in 2012. Many retailers had cut their staff to reduce costs during the global financial crisis, which further increased the problem. Moreover, many consumers are now turning to auction sites to find budgeted deals, which provide a market for stolen goods. Every year, organized retail crime losses total an estimated US$15 billion–US$37 billion. This poses a challenge to the company’s in-store sales and may limit its revenues.
7.5.2
Threats - Rise in manpower costs
Increasing manpower costs may have a negative effect on the company. The tight labor markets, government mandated increases in minimum wages and a higher proportion of full-time employees are resulting in an increase in labor costs. The federal minimum wage provisions are contained in the Fair Labor Standards Act (FLSA). The minimum wage rate rates have crossed or are nearer to US$8 per hour in several states such as Washington, California, District of Colombia, Oregon and
Massachusetts. Furthermore, the state minimum wages in Arizona, Colorado, Montana, Ohio, Oregon, Vermont and
Washington have increased between nine cents and 12 cents, in 2011. Also, eight states including Arizona, Colorado,
Florida, Montana, Ohio, Oregon, Vermont and Washington, increased the minimum wages by 28 to 37 cents, taking the hourly wage between US$8 and US$9, effective from January 1, 2012. A significant proportion of workers in the retail sector fall under the purview of minimum wages, any further rise in the wage rates may increase the operating costs of the company that affect profits.
7.5.3
Threats - Increase in counterfeit products
The company’s business may be affected as a result of the huge influx of counterfeit products. High penetration of counterfeit merchandise may lower the company’s sales and affect its profit margins. Moreover, as customers mistakenly purchase counterfeit products bearing fake labels, the low quality of the products affects consumer confidence and also damages the brand image of the genuine company. According to International Chamber of Commerce (ICC) the global economic and social impacts of counterfeiting and piracy is expected to reach US$2 trillion by 2015. International trade in fakes is expected to increase to US$960 billion by 2015. Through low price offerings, the imitated goods are affecting the sales of the branded and genuine products. As the company deals with several branded, designer and private label products, it is exposed to such challenges.
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8 Toys "R" Us, Inc. - Mergers & Acquisitions and Partnerships
8.1
Toys "R" Us, Inc. - M&A and Partnerships Strategy
Toys R Us partners with Nickelodeon & Viacom Consumer Products
Deal Type
Partnership
Deal Sub Type
Affinity Marketing
Deal Status
Completed
Announced Date
7/28/2010 12:00:00 AM
Deal in Brief
Toys "R" Us, Inc., a retailer of toys and baby products, formed a partnership with Nickelodeon & Viacom Consumer
Products (N&VCP), a company engaged in management of the worldwide merchandise licensing, home video, music, book and interactive software businesses, for summer long promotions of the movie The Last Airbender in Canada, UK,
Germany and France. The campaign includes exclusive in-store POS materials, online banners at nick.com, and a cobranded television commercial airing on Nick networks in all four regions driving fans to Toys R Us stores.
Participant Company Information
Company Name
Nickelodeon
&
Consumer Products
Viacom
Involvement Type
Target
Company Overview
Nickelodeon & Viacom Consumer Products (N&VCP) manages the worldwide merchandise licensing, home video, music, book and interactive software businesses for Nickelodeon brands and characters as well as the properties of Comedy
Central, Spike TV and MTV Networks International, as well as some non-Viacom properties. In addition, N&VCP manages the worldwide merchandise, interactive, book, and wireless licensing for Paramount Pictures properties.
Toys "R" Us partners with Spin Master
Deal Type
Partnership
Deal Sub Type
Other
Deal Status
Completed
Announced Date
7/19/2010 12:00:00 AM
Deal in Brief
Toys "R" Us, Inc., a retailer of toys and baby products, formed a partnership with Spin Master, Ltd., a developer and distributor of toys and kid’s consumer products, to bring the first official Bakugan national league to Bakugan brawlers across the country. The Bakugan Battle League consists of five monthly league events taking place at 300 Toys "R" Us locations across the U.S. The Bakugan national league is a kind of story-based league created by Bakugan's game designer in association with Toys "R" Us. The partnership will enable the spin master to expand its business operations.
Participant Company Information
Company Name
Spin Master Ltd.
Involvement Type
Target
Company Overview
Spin Master Ltd. is a developer and distributor of toys and kid’s consumer products. The Spin Master offers various entertainment products with children’s favorite characters.
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Mayborn Group partners with Toys"R"Us for its Tommee Tippee collection
Deal Type
Partnership
Deal Sub Type
Licensing Agreement
Deal Status
Completed
Announced Date
3/18/2010 12:00:00 AM
Deal in Brief
Mayborn Group PLC, a UK based babycare and household products group, formed a partnership with Toys "R" Us, Inc., a retailer of toys and baby products, for the launch of Tommee Tippee Collection in the United States, exclusively at
Babies"R"Us. The collection can be found at Babies"R"Us stores nationwide and online at Babiesrus.com/TommeeTippee.
The company will support the launch of Tommee Tippee at Babies"R"Us with a comprehensive marketing campaign, including print and online promotions, in-store signage and a dedicated online boutique at Babiesrus.com/TommeeTippee.
In June, customers can also shop Toys"R"Us stores for all of their Tommee Tippee needs.
Participant Company Information
Company Name
Mayborn Group Ltd
Involvement Type
Target
Company Overview
Mayborn Group Ltd (Mayborn Group) is a baby and child consumables products manufacturer based in the UK. The company's products include baby feeding bottles, hygiene products, non-spill cups, nappy wrappers, nappy disposal tubs, film cassettes and baby accessories. It markets its products through its brands, Tommee Tippee and Sangenic. Mayborn
Group operates as a subsidiary of Jake Acquisitions PLC. The company was incorporated in the year 1946. Mayborn Group is headquartered in Cramlington, Northumberland, the UK.
Innovation First partners with Toys“R”Us
Deal Type
Partnership
Deal Sub Type
Affinity Marketing
Deal Status
Completed
Announced Date
10/20/2009 12:00:00 AM
Deal in Brief
Toys "R" Us, Inc., a retailer of toys and baby products, signed a partnership with Innovation First, Inc., a robotics and toys manufacturer. Under the partnership, the stores of Toys "R" Us will exclusively sell the HEXBUG Nano Habitat Set of
Innovation First, Inc.
The new range of toys from Innovation, HEXBUG allows users to configure customizable mazes for the industrious creatures. The products will also be available online through Toysrus.com, RadioShack and online at www.hexbug.com/nano. Participant Company Information
Company Name
Innovation First, Inc.
Involvement Type
Target
Company Overview
Innovation First, Inc. is a robotics and toys manufacturer and supplier. It mainly designs and supplies control systems for the educational robotics.
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Toys"R"Us partners with LEGO Systems
Deal Type
Partnership
Deal Sub Type
Other
Deal Status
Completed
Announced Date
10/1/2009 12:00:00 AM
Deal in Brief
Toys "R" Us, Inc., toys and baby products retailer, entered into a partnership agreement with LEGO Systems, Inc., a manufacturer of toys. The partners will create a "Bricktober," a month-long event at Toys"R"Us stores nationwide and online at Toysrus.com, in October, 2009.
During this month Customers will have an access to LEGO products, in-store boutiques, and exclusive collectible LEGO bricks, until supplies last.
Participant Company Information
Company Name
LEGO Systems, Inc.
Involvement Type
Target
Company Overview
LEGO Systems, Inc. is a manufacturer of construction toys. The company is committed to the development of children's creative and imaginative abilities through high-quality, creatively educational play materials.
Dorel Juvenile Group partners with Toys "R" Us
Deal Type
Partnership
Deal Sub Type
Other
Deal Status
Completed
Announced Date
8/25/2009 12:00:00 AM
Deal in Brief
Dorel Juvenile Group, Inc., a producer of infant car seats, strollers, entered into a partnership agreement with Toys "R" Us,
Inc., a retailer of toys, baby products and childcare's apparel. Under the agreement, Safety 1(st) Complete Air Car Seat with
Air Protect will be available exclusively this year at Toys"R"Us stores nationwide.
Air Protect is the most innovative and groundbreaking safety feature ever offered in a car seat, the seat is designed to protect children in side impact collisions by putting a layer of air protection where it's needed most around the child's head.
Toys "R" Us is committed to provide parents with products that offer the latest innovations to create a more secure and safe environment for children.
Participant Company Information
Company Name
Dorel Juvenile Group, Inc.
Involvement Type
Target
Company Overview
Dorel Juvenile Group, Inc. is a maker of infant car seats, strollers, high chairs, changing tables, monitors, and toddler beds and cribs. Its brands includes Cosco, Maxi-Cosi, and Safety 1st and in Europe Bébé Confort, Maxi-Cosi, Quinny, Monbébé,
Babidéal, Baby Relax, and Safety 1st.
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Toys "R" Us signs as Bounty distribution partner
Deal Type
Partnership
Deal Sub Type
Other
Deal Status
Completed
Announced Date
2/17/2009 12:00:00 AM
Deal in Brief
Toys "R" Us, Inc., toys and baby products retailer, signed as distribution partnership with Bounty, Ltd., baby information and product sampling company, to distribute the free Mum-to-be and Baby Essentials packs offered by Bounty. The packs will be available from all 73 Toys R Us stores across the UK from March. They are already distributed by NHS maternity hospitals and retailers Asda and Boots.
Participant Company Information
Company Name
Bounty, Ltd.
Involvement Type
Target
Company Overview
Bounty, Ltd. provides a database of expectant and new parents; online community discussion forums; healthcare professional detailing; panel research, ad-hoc online quantitative studies, and depth interviews; and data analytics services.
Lotte Shopping forms a partnership with Toys "R" Us
Deal Type
Partnership
Deal Sub Type
Licensing Agreement
Deal Status
Completed
Announced Date
12/5/2006 12:00:00 AM
Deal in Brief
Lotte Shopping Co., Ltd., a department store chain, formed a ten year licensing partnership with Toys "R" Us, Inc., a retailer of toys and baby products, for the introduction of the brand in the domestic market.
Toys "R" Us partners with GSI Commerce and Exel
Deal Type
Partnership
Deal Sub Type
Other
Deal Status
Completed
Announced Date
5/24/2006 12:00:00 AM
Deal in Brief
Toys "R" Us, Inc., a specialty toys retailer partnered with GSI Commerce, Inc., a provider of e-commerce solutions and Exel plc, a North American contract logistics provider to support a new platform for the company's online business. The seamless transition of Toysrus.com and Babiesrus.com to the new e-commerce platform is expected to occur on July 1,
2006. GSI Commerce will provide technology, customer service and support, and Exel will provide fulfillment services for both Toysrus.com and Babiesrus.com. in this partnership.
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Reliance Retail may form joint venture with Toys R Us
Deal Type
Partnership
Deal Sub Type
Deal Status
Dead Rumor
Announced Date
Joint Venture
Deal in Brief
Reliance Retail Limited (RRL), an India based operator of retail outlets, is set to form a joint venture with Toys "R" Us, Inc., a retailer of toys and baby products, to open Toys“R”Us stores in India, as per reported by Economic Times daily. According to reports, the two companies are close to signing a joint-venture agreement to open Toys“R”Us stores in India. Also,
Reliance Retail and Toys "R" Us were said to be in talks a few years ago, but Reliance opted to partner with Hamleys, reports said.
Participant Company Information
Company Name
Reliance Retail Limited
Involvement Type
Target
Company Overview
Reliance Retail Limited (Reliance Retail) operates a chain of retail stores in various formats, including supermarkets, neighborhood stores, mini-marts, and other retail outlets. The company through its stores offers foods, groceries, apparel and footwear, lifestyle and home improvement products, electronic goods, and farm implements and inputs. Its outlets also provide vegetables, fruits, and flowers. Reliance Retail operates reliance fresh, neighborhood store reliance mart, supermarket, reliance super, mini-mart, reliance digital, consumer durables, information technology store, reliance wellness, health wellness and beauty store, among others. Reliance Retail also has its presence in optics, jewels and footwear business. The company serves over 2.5 million customers every week. It operates as a subsidiary of Reliance Industries
Limited. The company was established in 2006. Reliance Retail is headquartered in Mumbai, Maharashtra, India.
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9 Toys "R" Us, Inc. - Recent Developments
Toys "R" Us offers to pay staffers $1m in back pay
US toy store retailer Toys "R" Us has offered to pay $1m in wages owed in back pay to over 1,000 staff across Australia.
Published Date : 1/31/2011 12:54:00 PM
Toys "R" Us Express launches in Kinnelon
US-based toy retailer, Toys "R" Us, has opened its new Toys "R" Us Express store in Kinnelon, New Jersey.
Published Date : 9/12/2010 12:00:00 AM
Toys "R" Us launches Zhu Zhu pets in UAE
New Jersey-based toy retailer Toys "R" Us, Inc. has launched Zhu Zhu pets, a new toy lineup in UAE.
Published Date : 2/16/2010 12:00:00 AM
Toys "R" Us introduces gift-giving convenience to mobile shoppers
Toys "R" Us, a US-based toy and baby products retailer, announced e-gift cards and expanded free shipping services for its online shoppers. Published Date : 11/23/2009 12:00:00 AM
Law firm says court rules retailers who sold recalled toys may be accountable
Law firm Coughlin Stoia Geller Rudman & Robbins has announced that a federal district court has held that toy manufacturers and retailers, namely Mattel, Fisher-Price, Wal-Mart, Target, Toys "R" Us, Kmart and KB Toys, may not escape liability to consumers who bought children's toys containing lead, lead paint, or dangerous magnets merely because the companies later offered or provided the consumers with replacement toys as part of a recall program.
Published Date : 12/10/2008 9:28:00 AM
Toys "R" Us launches enhanced e-commerce site
Toys "R" Us, a retailer of toy and baby products, has announced the launch of an enhanced version of its e-commerce site, with new features and functionality that will reportedly provide customers with an exceptional online shopping experience, just in time for the holiday shopping season.
Published Date : 10/30/2008 11:20:00 AM
Toys "R" Us and Disney launch Halloween costumes
Toys "R" Us, a retailer of toy and baby products, and Disney Consumer Products have announced the introduction of a line of 10 specially created Halloween costumes for boys, girls and babies based on popular Disney characters.
Published Date : 8/2/2008 9:47:00 AM
GSI Commerce signs extended and expanded contract with Toys 'R' Us
GSI Commerce, a provider of e-commerce and multichannel solutions, has signed an extended and expanded multiyear contract for marketing services with Toys "R" Us, a retailer of toy and baby products.
Published Date : 7/15/2008 1:11:00 PM
Toys "R" Us holiday season comparable store sales up
Toys "R" Us, a retailer of toy and baby products, has reported that its US division has reported a comparable store sales increase of 3.1% for the nine-week holiday selling period from November 4, 2007 to January 5, 2008, as compared to the period from November 5, 2006 to
January 6, 2007. The Babies "R" Us division experienced a comparable store sales increase of 0.9%.
Published Date : 1/11/2008 7:45:00 AM
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Toys "R" Us and Jakks Pacific team up to launch pet products
Toy retailer Toys "R" Us and Jakks Pets, the pet division of Jakks Pacific, have teamed up to launch a line of doggy chew toys, clothing, beds and collars at Toys "R" Us stores across the US.
Published Date : 12/13/2007 12:52:00 PM
Wal-Mart, Toys "R" Us and Target to sell exclusive Bella Sara trading card
Bella Sara, the collectable, horse-themed trading cards and online world for girls, has announced that Wal-Mart, Toys "R" Us and Target will each have its own extra-rare Bella Sara card included in limited-edition Bella Sara gift packages on sale in the US this November - in time for the holiday season.
Published Date : 11/28/2007 12:20:00 PM
Toys "R" Us reaffirms strong commitment to safety
As holiday shopping season begins, Toys "R" Us has reiterated its commitment to the safety of the children and families it serves.
Published Date : 11/19/2007 6:41:00 AM
Toys 'R' Us recalls Elite Operations toys
The US Consumer Product Safety Commission has announced that toy retailer Toys "R" Us is recalling about 16,000 units of Elite
Operations brand toys manufactured in China because the surface coatings on the toys contain excessive levels of lead.
Published Date : 11/1/2007 10:24:00 AM
Source: Canadean
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10 Appendix
10.1 Methodology
Canadean company reports are based on a core set of research techniques which ensure the best possible level of quality and accuracy of data. The key sources used include:
Company Websites
Company Annual Reports
SEC Filings
Press Releases
Proprietary Databases
Notes
Financial information of the company is taken from the most recently published annual reports or SEC filings
The financial and operational data reported for the company is as per the industry defined standards
Revenue converted to US$ at average annual conversion rate as of fiscal year end
10.2 Disclaimer
All Rights Reserved
No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher, Canadean.
The data and analysis within this report is driven by Canadean from its own primary and secondary research of public and proprietary sources and does not necessarily represent the views of the company profiled.
The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that Canadean delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such Canadean can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.
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Reproduced with permission of the copyright owner. Further reproduction prohibited without permission. pro 