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Toys R Us reports 'disappointing' fiscal Q3 results with further loss


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Toys R Us reports 'disappointing' fiscal Q3 results with further loss

Toys R Us said its net loss widened 301.3% year over year to $622 million from $155 million for the fiscal third quarter ended Oct. 28.

The toy retailer, which filed for bankruptcy protection in the U.S. in September, posted $2.11 billion in net sales for the quarter, down 7.5% from $2.28 billion a year earlier.

On a year-over-year basis, same-store sales dropped 7% in the U.S., primarily due to declining sales in the baby and learning categories. Driven by new store openings and the Asia-Pacific market, same-store sales increased 0.4% for international business excluding Canada, with the company's core toy and entertainment categories boosting performance.

The company's operating loss expanded 548.4% year over year to $201 million from $31 million in the year-ago quarter.

"Our results for the quarter were disappointing," Toys R Us chairman and CEO Dave Brandon said in a statement. "We recognize the need for change in order to better meet customers' ever-evolving shopping preferences."

The struggling retailer, which has been restructuring its balance sheet since September, plans to shutter at least 26 stores in the U.K. and is reportedly considering closing 100 U.S. locations.

It is also said to be considering an IPO for its Asian business, which was not included in the September bankruptcy filing.