Toys R Us suffers

The US retailer has posted a loss of $76 million for the third quarter of 2007.
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This compares to its net profit of $41 million for the same period last year.

The firm was hoping to match the gains it made last year but, as most of the industry, has been plagued by product recalls through out the year.

Even though the firm increased its sales by almost 10 per cent over last year to $2.7 million, its net income dropped by $117 million due to higher costs.

The firm said income from real estate deals dropped by $91 million and it lost $13 million in income tax benefits from the prior year.


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