Wayne, New Jersey-based Toys ‘R’ Us has reported that its net earnings for 2009 were up 43.1% over the previous year, buoyed by a strong Q4.
According to SEC filings, the toy retailer’s net earnings totalled US$312 million in 2009, compared to US$218 million in 2008. The retailer reported that total net sales for the year were down slightly, at $13.568 billion compared to $13.724 billion in 2008, however, improved gross margins and tighter expense-control boosted net earnings.
The company’s Q4 profits rose by 12%, earning US$387 million for the quarter ended January 30th, up from US$345 million from last year. Net sales for the quarter increased 7.3% to US$5.857 billion from US$5.461 billion for the fourth quarter of fiscal 2008.
The retailer operates 1,550 stores (including Babies ‘R’ Us locations and FAO Schwartz flagship store in Manhattan) around the globe.