Originally published Wednesday, December 9, 2009 at 5:28 PM
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Toys R Us narrows 3rd-quarter loss on cost cuts
Toys R Us Inc. on Wednesday reported a narrower third-quarter loss as its CEO said the toy retailer saw its best operating performance since 2006.
The Associated Press
Toys R Us Inc. on Wednesday reported a narrower third-quarter loss as its CEO said the toy retailer saw its best operating performance since 2006.
In the quarter ended Oct. 31, the privately held company lost $67 million, compared with a loss of $104 million a year earlier.
Its operating loss improved to just $9 million from $54 million in the same period in 2008. CEO Jerry Storch said in a statement that the results were helped by lower operating costs and better profit margins, which together offset a 4 percent decline in sales to $2.7 billion.
Sales at stores open at least a year fell 9.3 percent in the U.S. and 4.7 percent internationally. Sales at stores open at least a year are a key measure of retailer performance because they aren't skewed by new store openings and closings.
Storch said the Wayne, N.J.-based company is well-positioned headed into the thick of the holiday shopping season.
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