Toys “R” Us reported declines in same-store sales for its fourth quarter and full year amid a highly competitive environment.

“Despite a strong start to the holidays, in the weeks following Black Friday we faced a combination of sluggish sales and intense promotional activity,” said Dave Brandon, chairman and CEO, Toys “R” Us. “The widely recognized tough retail environment this holiday and continued weakness in the entertainment and baby categories contributed to the erosion of our top-line and an overall disappointing year.”

The chain reported net earnings of $341 million for the quarter, ended Jan. 28, compared to $276 million in the prior year period.

Net sales totaled $4.66 billion, down from $4.85 billion…