Wayne-based Toys ‘R’ Us Inc. announced Wednesday financial results for its fourth quarter and full year 2013 that ended on Feb. 1, 2014.
Some fourth quarter highlights:
Store net sales were down 4.1 percent in the U.S. segment and 2.2 percent in the international segment. The overall decrease was from not selling entertainment toys like electronics, video games and consoles, and learning and juvenile/baby toys.
Net sales were $5.3 billion, a decrease of $503 million, or 8.7 percent, compared to last year.
Net loss was $210 million, compared to net earnings of $239 million last year which resulted in a decrease of $449 million.
Full year 2013 highlights:
Store net sales were down 5 percent in the U.S. and 3.3 percent internationally.
Net sales were $12.5 billion, a decrease of $1 billion, or 7.4 percent, compared to last year.
Net loss was $1 billion, compared to net earnings of $38 million last year.
Antonio Urcelay, chairman of the board of directors and CEO of Toys ‘R’ Us said in a recent press release, “It was a challenging year, with declines in both our domestic and international segments. The U.S. business experienced the more significant downturn, primarily due to a decreased in net sales, margin pressure and one-time items, including the write-down of excess and obsolete inventory as we take the necessary and prudent steps to improve the business.”
To read the entire report, click here.
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