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Toys 'R' Us Posts 48 Percent Profit Drop in 2003.

Publication: Knight Ridder/Tribune Business News
Date: Thursday, March 4 2004

By Joan Verdon, The Record, Hackensack, N.J. Knight Ridder/Tribune Business News

Mar. 4--Toys 'R' Us said Wednesday that its earnings fell dramatically in 2003, but it tempered the bad news by also announcing a deal to sell 124 of its Kids 'R' Us stores to the Office Depot chain for $197 million.

Wall Street liked the news of the cash sale, boosting TOY stock about 7 percent to $16.39 per share, setting a new 52-week high for a close.

But analysts expressed concern about the ongoing weakness in U.S. toy sales. Wayne-based Toys 'R' Us also act

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