Toys'R'Us sales slip in Q4
WAYNE, N.J. — Toys“R”Us reported that sales for the the fourth quarter decreased $155 million to $5.8 billion and that net earnings fell to $239 million from $343 million in the prior year.
Jerry Storch, chairman and CEO, Toys“R”Us Inc., stated, “We are pleased with the overall operating results our team delivered in 2012, particularly the growth in operating earnings in the United States, while our international operating earnings were impacted by the challenging global economic environment, predominantly in Europe and Japan. The change in net income for the year was mainly attributable to costs associated with our successful debt refinancings and an increase in income tax expense."
Comparable-store sales fell 4.5%, thanks in large part to continued weakness in the entertainment category. The juvenile and learning categories proved to be strong performers during the quarter.
Net sales for the year were $13.5 billion, compared with $13.9 billion in the prior year.
Net earnings were $38 million, compared with $149 million in the prior year.