Fiscal fourth-quarter profit fell 30 percent at Toys "R" Us on higher interest and tax expenses as well as lower sales.
The company also withdrew its long-pending filing for an initial public offering, first registered in May 2010. No reason was given for the withdrawal.
Toys "R" Us was acquired in 2005 by Vornado Realty Trust and private-equity firms Bain Capital and Kohlberg Kravis Roberts & Co. for $6.6 billion. Vornado Chief Executive Michael Fascitelli has previously said that the firm would consider selling its one-third stake in the toy retailer through means other than an IPO, as Toys "R" Us has continued to report lackluster results.
The toy retailer's chief executive, Jerry Storch, said yesterday that recent growth in operating income from the US has been offset by challenges in Europe and Japan. The company has made a number of investments to position itself for future growth, including expanding online sales efforts.
For the quarter ended Feb. 2, Toys "R" Us reported a profit of $239 million, down from $343 million a year earlier. Sales fell 2.6 percent to $5.77 billion.
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