Toys R Us has reached an agreement to refinance its 2017 notes and a portion of its 2018 maturities amid a mixed bag of financial results.
The toy giant’s consolidated same store sales increased by 0.5 per cent while operating earning improved to $18million from $15million.
However, consolidated net sales dipped $11million to $2,282 million compared to the 2015 results, a decrease that has been attributed in large to numerous store closures in the US, including Times Square’s flagship site.
Despite this, the retailer maintains an optimistic outlook, having seen net loss improve by $4 million to $95 million, compared to the $99 million in the prior year period.
“We are pleased with our successful refinancing activities which will further strengthen the company’s financial foundation,” said Dave Brandon, chairman and chief executive officer, Toys R Us.
“This will enable us to continue to execute on our operational turnaround and compete in what continues to be a challenging retail environment.
“As we enter the critical holiday season, we are focused on creating a world class shopping experience and ensuring that we consistently deliver the products our customers want, regardless of when and how they want to shop with us.”