Toys R Us sees Web sales growing significantly
NEW YORK (Reuters) - Toys R Us, the world's largest toy retailer, sees online sales at least doubling in the next five years, its chief executive said.
"I'd be disappointed if we didn't do more than that," CEO Jerry Storch told the Reuters Global Consumer and Retail Summit in New York.
"There's a change in the paradigm for how we think about the Internet. This change has arrived. What did we sell online or in the store? Everyone has to stop thinking like that. I almost always check online first before going to a store," Storch said.
The company, which is looking to go public, said an initial public offering would depend on both the state of the markets and on company-specific factors.
Storch did not comment further on the timing of the potential IPO.
One source told Reuters in April that no final decision on the IPO's timing had been made, but the company and its private equity backers were discussing whether they might get a higher price if they allow the company more time to recover from weaker-than-expected Christmas sales. Another source said that the IPO could be in July.
The New Jersey-based retailer, which operates stores under its namesake brand and the Babies R Us and FAO Schwarz labels, filed for an IPO of up to $800 million last May.
(Reporting by Dhanya Skariachan and Alistair Barr, editing by Matthew Lewis)