Toys “R” Us records Q3 loss
Wayne, N.J. -- Toys “R” Us reported Friday an operating loss of $75 million for the quarter ended Oct. 29, compared with a loss of $62 million in the year-ago period. Adjusted EBITDA was $36 million, compared with $49 million in the prior year.
Sales dipped to $2.7 billion from $2.72 billion a year earlier, and same-store sales fell 2.2% domestically and 3.9% internationally.
"During the third quarter, we prepared for the upcoming holiday season and took some important steps to position the company for long-term growth," Jerry Storch, chairman and CEO, said,
Toys “R” Us acquired a majority stake in its China and Southeast Asia operations and has opened its debut store in Poland.
“International growth in new and emerging markets remains a key part of our overall business strategy," said Storch.
On the homefront, the toy retailer said its priorities include creating new ways for customers to shop seamlessly between online and bricks and mortar businesses.
Through the end of the third quarter of fiscal 2011, Toys “R” Us invested $266 million primarily to convert, expand and remodel existing stores, open new stores and upgrade its information technology systems and capabilities, compared to $231 million in the prior year.