Toys R Us has narrowed its losses in its latest quarterly results but revenue continues to fall for the retail giant in Q3.
Consolidated net sales for the third quarter hit $2,331 million, a decrease of $128 million compared to the same period of last year.
However, excluding a $127 million negative impact of foreign currency translation, the retailer sees net sales fall in line with the prior year period.
On an international scale, Toys R Us has seen increases in same store sales, but these were offset by a decline in same store sales on its US home ground.
The retailer remains upbeat following the results that see a narrowing of operating loss from $93 million in Q3 of 2014, to $54 million in 2015 and net loss recover by $46 million from a loss of $213 million to $167 million.
Recent years have seen the toy retailer outline it plans to improve performance through a programme dubbed ‘fit for growth’, emphasising doing a better job with the basics of retailing such as keeping the right goods in stock and discounting less.
“Our third quarter results demonstrate the continued progress we are making to position the company for growth,” said Dave Brandon, chairman and chief executive officer, Toys R Us.
“As we enter the final ten days of the holiday selling period, we are focused on the flawless execution of our plan to ensure customers have an enjoyable shopping experience and find the hottest toys in stock, no matter how they choose to shop with us.
“I am extremely proud of our team members across the globe who are working tirelessly to help make this Christmas truly awesome for children of all ages.”