...as US results dip

TRU's US results show a slight decline in turnover, which the firm has attributed to the financial slowdown.
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The retailer's overall net sales for the year ended January 31st 2009, were $13.724bn, down 0.5 percent from the $13.794 bn at the end of its previous fiscal year, when sales grew 5.7 per cent.

Sales were negatively impacted by a $100 million drop in international business, to $5.24 billion, which offset a $30 million, or 0.4 percent, gain in domestic net sales to $8.48 billion.

The decrease in net sales for fiscal 2008 was mainly due to decreased like for like store net sales, with domestic sales down just 0.1 percent but off 3.4 percent internationally.

Net earnings for fiscal 2008 were $218 million, up 42.5 per cent from 2007’s $153 million. Net earnings for fiscal 2008 were helped by decreased interest expense (down by $84 million), an increase in "other" income of $72 million (including $59 million of additional gift card breakage income) and a $58 million decrease in income tax expense.

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