Toys R Us posts profit on sale of 38 stores
Toys R Us Inc. posted third-quarter net income of $29 million, buoyed by proceeds from the sale of stores.
The company recorded a net loss of $126 million a year earlier. Sales rose 17% to $2.52 billion, Wayne, N.J.-based Toys R Us said.
Toys R Us gained $109 million after selling 38 stores to Vornado Realty Trust, one of the three buyout firms that acquired the retailer in 2005. Revenue rose at international locations and the Babies R Us chain during the quarter.