Wayne, N.J. -- Toys "R" U widened its loss in the second quarter on lower sales at its stores in the United States and Europe. The company reported a loss of $113 million, compared with a year-earlier loss of $36 million.
Net sales for the quarter, ended August 3, dropped 6.9% to $2.38 billion. Same-store sales declined 3.5% in the U.S. and 3.8% abroad. The retailer attributed the decline primarily to decreases in the juvenile and entertainment (which includes electronics, video game hardware and software) categories.
Interim CEO Antonio Urcelay said the retailer is “intensely focused” on finalizing plans for the holiday season to ensure it is well-positioned to compete.
“We believe that the initiatives we have recently announced in the U.S., including an enhanced Price Match Guarantee and a comprehensive suite of programs to encourage early buying, in combination with our expertise in the identification and ownership of the hottest toys, will strongly appeal to consumers as they develop their holiday shopping lists,” he said.