Toys “R” Us 4Q earnings up 39.3%
Wayne, N.J. Toys “R” Us reported a 39.3% increase in net earnings to $312 million for the fourth quarter ended Feb. 2, up from $224 million for the fourth quarter ended Feb. 3, 2007. Net sales reached $5.827 billion for the 2007 fourth quarter, up 2.6% from $5.679 billion in the fourth quarter of fiscal 2006.
For the year ended Feb. 2, the company reported a 40.4% increase in net earnings to $153 million, up from $109 million for the year ended Feb. 3, 2007.
Net sales increased 5.7% to $13.794 billion from $13.05 billion in fiscal 2006.
“We are very pleased with the continued progress we made in 2007 to improve company performance across all segments of our business,” said Jerry Storch, chairman and CEO of Toys “R” Us. “Better gross margins, improved comparable store sales and the positive impact of new store openings all contributed to higher net earnings for both the fourth quarter and the year. These results are especially gratifying given the difficult economic climate and the unique challenges experienced by the toy industry during the past year.”