Newark, N.J., Despite its impending sale to a private consortium, Toys “R” Us’ profit surged 67% during its fourth quarter, as illustrated in the release of its delayed financial results Friday. The surge includes the critical December holidays.
Earnings for the three months, ended Jan. 29, were $259 million, compared to $155 million for the same period a year earlier. The fourth quarter of 2004 included a $20 million gain from a settlement with Visa and MasterCard, a $14 million gain from the sale of a toy store in Santa Monica, Calif., and a $15 million gain from the sale of former Kids “R” Us locations.
For the year, profit was $252 million, compared to $63 million for the year prior. Sales, however, were down, as fourth-quarter sales measured $4.81 billion, slightly less than a year earlier.
In a written statement, Toys “R” Us chairman and CEO John Eyler said the company was pleased with the results.