Toys R Us Narrows Q3 Loss to $44 Million; Same-Store Sales Decline 9% After Sept. 11 Events19 Nov, 2001 By: Hive News
Toys R Us Inc. said Monday its third-quarter loss narrowed to $44 million, despite a tough retail environment complicated by the terrorist attacks and the company's investment in store renovations, according to the Associated Press.
Results met Wall Street analysts' expectations, sharply reduced last month after the retailer warned of lower profits from weakening sales, the AP reported.
For the three months ended Nov. 3, Toys R Us reported a loss of 22 cents per share compared to a loss of $65 million, or 32 cents a share, a year earlier.
The Paramus, N.J.-based company restated that it expects to be profitable by the fourth quarter.
Sales, excluding revenues from its Japanese division, declined 2% to $2.18 billion from $2.22 billion a year ago.
U.S. same-store sales were down 9% during the third quarter. About one-third of this decline is attributable to Sept. 11 events, the company said. International same-store sales gained 7% for the quarter.
For the nine-month period, the company posted a loss of $91 million, or 46 cents per share, from $153 million, or 70 per share, a year ago.
Sales fell 4% to $6.26 billion from $6.53 million. The figures exclude sales of Toys R Us-Japan, which is accounted for separately.
Toys R Us, with 1,599 stores including 703 toy stores in the U.S., is the second-largest toy seller in the U.S. after Wal-Mart.