Toys R Us narrows loss in Q3

Results improve by $37 million to a loss of $67 million during the period.
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The result is compared to a loss of $104 million for the third quarter of 2008. Operating loss improved to $9 million for the period, compared to a loss of $54 million year-on-year.

Jerry Storch, chairman and CEO commented: "We are happy to announce that our third quarter performance produced our best operating results for this quarter since 2006.

"For our business, the third quarter, which ended October 31st, is the prelude to the important holiday season ahead. It's the period when we make significant investments in the business by ramping up store staffing, merchandising and marketing, as we make final preparations to welcome holiday shoppers.

"We were very aggressive in this lead-up to the fourth quarter and believe we are well-positioned to compete in this economic environment."

Net sales during the third quarter of 2009 were $2.7 billion, campared to $2.8 billion in Q3 2008. The fall was mainly due to the entertainment product category, while toy sales were up slightly.

Sales for the US segment for the quarter were $1.6 billion, compared to $1.7 billion year-on-year, while earnings increased to $33 million from $8 million in the third quarter 2008.

International sales were $1.1 billion, up slightly year-on-year, while operating earnings increased to $24 million from $12 million in Q3 2008.

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