Toys R Us' First Quarter Sales Up 2 Percent

PARAMUS, N.J (BRAIN)--Toys R Us' sales increased 2 percent to $2.1 billion in its first fiscal quarter, which ended May 4, compared with the same quarter last year. The company reported a quarterly net loss of $4 million compared with a net loss of $18 million reported in the quarter in 2001.

The company's U.S. toy store division reported a comparable store sales decrease of 2 percent in the quarter, but operating earnings grew 56 percent for the same period due to improved margins controlled expenses.

Toys R Us Internet sales increased 57 percent, to $46 million from $29 million in the first quarter of last year, on operating losses of $14 million. The increase was driven by a boost in sales at Babiesrus.com and improved sales in its toy and Imaginarium businesses.