Toys ‘R’ Us posts higher sales in October quarter
Toys ‘R’ Us said its sales grew in the October quarter and expects further growth in the holiday trading period.
The toy retailer’s sales during the three months ended October surged 168 per cent, or by $329,000, from the previous quarter, driven by its e-commerce performance.
It also noted that Riot continued to perform well and expects the brand’s revenue to accelerate in the coming quarters.
“With our streamlined operations and strong inventory position heading into the peak trading period, I am particularly encouraged by the accelerating performance of Toys R Us and Riot this quarter,” said Penny Cox, Toys ‘R’ Us CEO.
“I’m confident that we’re well positioned to capitalise on the upcoming Christmas trading season and deliver continued growth in 2024, through our House of Brands strategy.”
Effective November 1, the company has finalised the surrender of the head lease of the unit on McNaught Road, releasing the bond of about $2.3 million.
The company also estimates a $1.1 million reduction in overhead as it will continue to occupy a smaller footprint of the existing premises by subleasing from the new head tenant.
The Toys ‘R’ Us business in the UK has been wound down, and its $2.6 million debts have been forgiven.
“The release of the lease bond funds, combined with the resolution of the debt position in the UK and the strategic drawdown from Mercer Street, has provided us with a robust foundation to fuel growth across our core brands,” said Cox.
The post Toys ‘R’ Us posts higher sales in October quarter appeared first on Inside Retail Australia.