TOYS 'R' US REPORTS RESULTS FOR 1991
TOYS 'R' US REPORTS RESULTS FOR 1991 PARAMUS, N.J., March 11 /PRNewswire/ -- Toys "R" Us, Inc.
(NYSE: TOY), today announced results for its 1991 fiscal year.
For the 52 weeks ended Feb. 1, 1992, the company reported net sales of $6.124 billion, an 11.1 percent increase over the $5.510 billion reported during the 53 weeks in the previous year. Net earnings increased to $339.5 million from $326.0 million in 1990. Earnings per share were $1.15 compared to $1.11 a year ago. Charles Lazarus, chairman of the board and chief executive officer, said "We are pleased that in such a difficult retail year we continued to report record results and increased market share. "We were able to achieve these results by having the best selection of merchandise, stocked in-depth, and being even more competitive by further reducing our everyday low prices. We have reinforced our price, selection and inventory image with the consumer which has enhanced our ability to achieve our longer-term growth objectives. Our success in improving sales productivity is underscored by the fact that we increased comparable store sales for domestic toy stores by 7.3 percent in the fourth quarter (13-week basis) and 2.4 percent for the year (52 weeks.) "Our inventory position has been well managed in all three divisions. The quality and mix of our inventories continues to be excellent. "We opened 46 toy stores in the United States. Internationally, 29 stores opened in Canada, France, Germany, Taiwan and the United Kingdom, as well as our record-breaking entries into Japan and Spain. Also, we opened 25 Kids 'R' Us stores in 1991. "We again intend to capitalize on our financial strength and aggressively expand all three divisions. We plan to open 45 toy stores in the United States as well as 40 toy stores internationally including a new market in Austria. Kids 'R' Us plans to open 25 stores, 13 of which have opened since the beginning of our new year," Lazarus concluded. Toys "R" Us is the world's largest toy specialty chain and currently operates 497 toy stores in the United States, 126 international toy stores and 102 Kids "R" Us children's clothing stores (including 13 stores opened in 1992). TOYS "R" US, INC. Fourth quarter ended (13 weeks vs. 14 weeks) 2/1/92 2/2/91 Net sales $2,860,702,000 $2,548,558,000 Earnings before taxes 415,204,000 381,218,000 Net earnings $ 261,582,000 $ 237,541,000 Net earnings per share $0.88 $0.81 Average shares outstanding 296,425,000 293,829,000 Year ended (52 weeks vs. 53 weeks) 2/1/92 2/2/91 Net sales $6,124,209,000 $5,510,001,000 Earnings before taxes 538,929,000 523,188,000 Net earnings $ 339,529,000 $ 325,988,000 Net earnings per share $1.15 $1.11 Average shares outstanding 296,139,000 294,895,000 -0- 3/11/92 /CONTACT: Michael Goldstein of Toys "R" Us, 201-599-6981/ (TOY) CO: Toys "R" Us, Inc. ST: New Jersey IN: REA SU: ERN
GK-SM -- NY012 -- 7217 03/11/92 09:46 EST
|Printer friendly Cite/link Email Feedback|
|Date:||Mar 11, 1992|
|Previous Article:||AMERICAN BOILER MANUFACTURERS ASSOCIATION PRESENTS ANNUAL PUBLIC SERVICE AWARD TO|
|Next Article:||/C O R R E C T I O N -- ENERGY BANK LEGISLATION TO PROVIDE LONG-TERM FEDERAL ENERGY EFFICIENCY FUNDING|