Toys ‘R’ Us is reporting net sales of US$5.9 billion for Q4 2011, a drop of US$47 million compared to the same period in 2010. However, despite  losses experienced over the holiday season, the company reported full year 2011 net sales of US$13.9 billion, an increase of US$45 million over last year.

The retailer attributes its lower Q4 sales to its decision to open fewer Toys ‘R’ Us Express stores during the 2011 holiday season. Comparable store sales also decreased 1.1% and 2.7% in the domestic and international segments respectively, but were slightly offset by increases in net sales in new locations such as Greater China and Southeast Asia.

The company’s core toy and learning toy categories continued to sell well in Q4, with net sales growth of 3.4% and 1.9%, but the entertainment category (which includes video game software and hardware) experienced a notable decline of 7.3%.

For the full year 2011 ending January 28, 2012, core toy and learning toy categories sold the best, with net sales growth of 5.0% and 4.3%, and the entertainment category saw the weakest growth, falling 9.0%.

The company has yet to shed light on when it plans to go public.