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WAYNE — Toys R Us Inc. on Friday said that its net income more than doubled in its second quarter on improved margins and cost controls.
The nation's largest toy retailer reported that it earned $27 million for the quarter ended Aug. 1, up from $13 million in the same quarter of last year.
Total sales fell to $2.57 billion from $2.77 billion in the prior year, due in part to the negative impact of the stronger dollar. But the company's results were also hurt by weaker sales of video games equipment and games, which have been suffering industrywide.
Toys R US CEO Jerry Storch said the quarter shows the company "can successfully operate and achieve in any economic environment."
He noted the company has also positioned itself for long-term growth by increasing its market share. During the second quarter, Toys R Us announced its would acquire FAO Schwarz. This company has also recently acquired eToys.com, babyuniverse.com, ePregnancy.com and Toys.com.
Sales at stores open at least a year, considered a key indicator of a retailer's performance, fell 7.2 percent domestically and 3.9 percent at international stores.
The company is not publicly traded.
