Toys ‘R’ Us reports ‘disappointing’ $623 million loss for quarter

New York, Dec. 19 – Toys ‘R’ Us, Inc. reported a loss of $623 million for its third quarter, which ended on Oct. 28, according to a news release.

“Our results for the quarter were disappointing,” said Dave Brandon, chairman and chief executive officer, in the release.

“They not only reflect the broad competitive trends across retail, they demonstrate the continued challenges we face in both the baby and learning categories. Though we continue to see growth in our core toy category, we recognize the need for change in order to better meet customers’ ever evolving shopping preferences.”

The loss worsened from a loss of $156 million for the fiscal third quarter of 2016.

Net sales were $2.11 billion, down from $2.28 billion.

Operating expenses rose to $879 million from $852 million.

The operating loss was $201 million versus an operating loss of $31 million a year earlier.

Contributing to the new loss for the 2017 quarter were $334 million or reorganization items.

Toys ‘R’ Us is a Wayne, N.J., toy retailer. The company filed for bankruptcy on Sept. 19 under Chapter 11 case number 17-34665.

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