Toys "R" Us cites renovations for second quarter loss
Toys "R" Us Inc. reported a fiscal second-quarter loss of $29 million, or 15 cents a share, and attributes the loss to store renovations completed in an effort to compete with Wal-Mart. The Paramus, N.J.-based toy retailer has remodeled stores, retrained staff and added exclusive new merchandise in effort
to attract more customers. Slow consumer sales also hurt second quarter sales but the company hopes the newly designed stores will positively affect holiday sales. The retailer plans to remodel 250 stores before the holiday season and will also open its New York flagship on Time Square.
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