Hasbro has recently released its financial results for the first quarter which ultimately missed the market estimates. The toy-maker company has blamed the bankruptcy filing of Toys R Us for the revenue drop.
However, Hasbro promised that the slump could recover within the first six months of 2018. Executives of Hasbro also added that the company’s growth would return next year. Additionally, Brian Goldner, the CEO of the company, told reports that the impact will have a lesser effect in the coming quarters.
“They’re well-positioned with their strategy,” Analyst Susan Anderson, told reports. “They have six Marvel films coming out this year,” she added. “They’ve done a great job merging entertainment and toys. I think they’ll continue to take market share once the dust has settled on all of this.”
Hasbro Q1 Results
As mentioned above, Hasbro has recently reported declines in its first quarter report for 2018. Further details are indicated below.
Net revenues during the first quarter declined 16% to $716.3 million. This was a drop compared to last year’s data of $849.7 million.
First Quarter Net loss indicated a record of $112.5 million, or $0.90 per diluted share. This was likewise a down compared to net earnings of $68.6 million, or $0.54 per diluted share last year.
Adjusted net earnings for the quarter recorded a data of $12.4 million or $0.10 per diluted share.
“The Hasbro teams executed extremely well during a challenging first quarter.” Goldner said. “Hasbro brands are resonating with consumers and consumer takeaway is positive. However, as we discussed earlier in the year, our first quarter was expected to be difficult. We are working to put the near-term disruption from Toys“R”Us behind us. Our global retailers view this as an opportunity in a key consumer category and are partnering with Hasbro to develop growth plans for our brands.”
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