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Toys 'R' Us increases losses

Mainly due to taxes and refinancing costs

  • Key4Communications

Net sales of Toys 'R' Us fell 4.5% in the third quarter to $2.5 billion, bringing losses for the period to $605 million compared to $105 million last year, due mainly to tax expenditures of $379 million and refinancing costs of $51 million.

The company explains that the lower sales in the U.S. market are caused by the worst performance of learning, juvenile (including baby), and core toy categories, and the impact of the shifted timing in the release of this year’s catalogue versus the prior year. In the international segment, which had a slightly better result, sales were negatively affected by baby care products, entertainment (including electronic and video games), and seasonal categories.

Antonio Urcelay, president and CEO of the company, explains that “as we continue to respond to changing consumer shopping habits, we are benefiting from our enhanced omnichannel capabilities, as well as recent improvements made to our mobile shopping experience. Our highest priority in the days ahead is ensuring we deliver exceptional service to our customers to help them find the perfect gift.”

As for the final stretch of the holiday season, the company announced that its U.S. stores will open 87 hours straight from Saturday 21 December at six A.M. until Tuesday 24 December at nine in the evening.

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