RETAIL UPDATE: Toys R Us reports Q2

Net earnings rise to $27m, while operating earnings hit $86m for second quarter.
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Toys R Us has reported its results for the second quarter ending August 1st 2009.

Net earnings increased to $27 milliom for the period, compared to $13 million for Q2 2008. Operating earnings increased to $86 million, compared to $79 million for the period in fiscal 2008.

Net sales during the period, however, were $2.567 billion, compared to $2.771 billion in 2008. Foreign currency translation contributed to $59 million of this decrease. Comparable store net sales decreased by 7.2 per cent and 3.9 per cent in the second quarter for domestic and international segments respectively.

The majority of the decline was attributed to the entertainment products category, specifically video games hardware and software. Higher margin products sold much better than lower margin video games.

"We are pleased with our performance for the first half of this year and believe our results clearly demonstrate that we can successfully operate and achieve results in any economic environment," said Jerry Storch, chairman and CEO of TRU. "Our second quarter results delivered on our expectations."


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