CHINA: TRU sourcing direct with new office

Toys R Us is looking to increase its directly-sourced product lines, opening a new office in Shenzen.
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Jerry Storch, chairman and CEO, Toys R Us, described the move as an "important investment".

In a statement he said: "Throughout the year, we made important investments in our future, including the expansion of our e-commerce presence in international markets, increased levels of service in our stores, and the opening of a sourcing office in Shenzhen, China which will further enable us to differentiate our product assortment."

The comments came as the company posted financial results for the year ended January 29th, 2011.

For the fourth quarter, it reported net sales of $6.bn and net earnings of $330m.

According to the company, sales of $6bn represented a rise of two per cent compared to the prior year, due to new locations including Toys R Us Express stores and comparable store net sales growth of 1.8 per cent in the domestic US segment.

E-commerce sales growth was "particularly strong", but increases were partially offset by a decline of 3.7 per cent in comparable store net sales internationally and a minimal impact from negative foreign currency translation.

Storch added: "We are gratified by the significant improvements we've seen in measuring the overall satisfaction of our customers, and we are committed to work even harder to earn their loyalty in the coming year."

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