Did Toys"R"Us Deliver a Big Warning for Retail?
Toys"R"Us has decided not to offer their shares publicly, as they had initially planned. In a Friday press release, the nation's biggest toy seller said they were withdrawing their IPO "due to unfavorable market conditions, and the company's recently announced executive leadership transition." But Friday also saw the company report miserable fourth-quarter earnings. Not only did company's net income slide 30 percent on a light drop in revenue, but U.S. sales dropped by two percent. And probably worst of all, same store sales plummeted 4.5 percent from the year prior.