Toys “R” Us Inc. said Thursday that same-store sales rose in December, but fell over the entire holiday period.
Same-store sales increased 1.9% in the five-week period ended Jan. 3 but fell 3.4% over the nine-week holiday season between Nov. 2 and Jan. 3.
Internationally, same-store sales declined 4.9% in December, and 5.1% over the holiday period, hurt by decreases in Japan and the United Kingdom, where a competitor liquidated.
CEO Jerry Storch also said Toys “R” Us is cutting costs and reducing capital spending to offset the weak environment.
"While we are pleased to have maintained sales momentum during these difficult economic times, we are very mindful of the profit challenges presented by the current retail climate," Storch said in a statement.