Toys R Us Beats Expectations By a Penny

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Toys R Us

(TOY)

announced narrower-than-expected losses for the third-quarter of fiscal 2001.

The toy retailer, based in Paramus, N.J., reported a net loss of $65 million, or 32 cents a share, compared with a profit of $15 million, or 6 cents a share, in the same period a year ago. The company blamed the losses, in part, on its Internet operations.

Analysts expected the company to lose 33 cents a share in the quarter, according to

First Call/Thomson Financial

.

Sales for the third-quarter fell to $2.2 billion from $2.5 billion in the year-ago period. The company says U.S. same-store sales fell 1%, while international same-store sales rose 2%.