DATELINE - WAYNE, NJ --- "Toys R Us' net earnings more than doubled in the second quarter of 2009, helped by lower spending levels and despite a drop in same-store sales."
“We are pleased with our performance for the first half of this year and believe our results clearly demonstrate that we can successfully operate and achieve results in any economic environment,” said Jerry Storch, chairman and CEO, Toys R Us Inc. “Our second quarter results delivered on our expectations, and the team did a great job growing margin rate while managing expenses.”
What a spin! Sales decline, so expenses (purchases and people?) are cut, and this is success? This, at the same time TRU is gobbling up FAO Schwartz and what was left of KB Toys.
What a contrast beween the "Monster Giraffe" and locally-owned, customer service- oriented mom and pop toy stores who understand the true stakeholders --- the community of kids, parents, and grandparents who seek quality products!
Want to know what we really think? :-)
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