Toys R Us Profit Rises 13% In Quarter
Toys R Us Inc., the No. 1 U.S. toy retailer, said its quarterly profit rose before charges as it raced to close unprofitable stores and reduce business expenses to offset the effect of sluggish sales and competition.
The company, which in January announced plans to shut 64 stores and cut 1,900 jobs, said operating earnings in the fourth quarter ended Feb. 2 rose 13% to $284 million, or $1.39 a share, from $251 million, or $1.23 a share, a year earlier. Sales were flat at $4.8 billion.
Analysts polled by Thomson Financial/First Call were expecting earnings of $1.38 on average.
Shares of the Paramus, N.J.-based company fell $1.38 to $18.93 on the NYSE.
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