Toys Profit Down 48% ; to Shed 124 Kids Stores
The Record, Bergen County, NJ › March 04, 2004
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Summary
Toys "R" Us said Wednesday that its earnings fell dramatically in 2003, but it tempered the bad news by also announcing a deal to sell 124 of its Kids "R" Us stores to the Office Depot chain for $197 million.
Wall Street liked the news of the cash sale, boosting TOY stock about 7 percent to $16.39 per share, setting a new 52-week high for a close.See the full content of this document
Extract
Toys Profit Down 48% ; to Shed 124 Kids Stores
But analysts expressed concern about the ongoing weakness in U.S. toy sales. Wayne-based Toys "R" Us also acted contrary to some analysts' expectations by not announcing a major restructuring. Investment firms UBS an...
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