Goldner said that the liquidation in the USA of Toys R Us should conclude by the end of the current quarter, while what happens to the company's worldwide stores is still not known. (HAS) on Monday reported a first-quarter loss of $112.5 million, after reporting a profit in the same period a year earlier.
Hasbro's net revenues decreased 16 percent to $716.3 million in the first quarter due to the liquidation of Toys" R " Us in the USA and United Kingdom and uncertainty in its other operations, as well as retail inventory overhang, primarily in Europe. CEO Brian Goldner said major retailers plan to increase their toy sections to lure former Toys R Us shoppers, which could benefit the toy maker.
Toys "R" Us, which filed for USA bankruptcy protection in September hit by an enormous debt load and slowness to shift online, is now winding down its stores, hitting sales, and lowering prices for toymakers.
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Total net revenue within the United States and Canada fell by 19%, while it fell by 28% in Europe, decreased by 2% in Latin America, and 3% in the Asia Pacific market. Revenue dropped even more in Europe with a decline of 28 percent. Its U.K. stores are also liquidating. Sales of franchise brands, which include Transformers and My Little Pony, collapsed 19% to $361.7m in the period.
Goldner has said that revenue will take a hit this year, but declined on Monday to give more specific sales guidance. We are working to put the near-term disruption from Toys'R'Us behind us.
The first quarter, which runs through March, is Hasbro's smallest by revenue.
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Overall sales in the period sank 16% to $716.3m, the company said.
One Wall Street analysts said that he was relieved when he learned that Hasbro was not expecting further expenses related to the bankruptcy of Toys R Us.
In addition, the company repurchased 427,000 shares of common stock in the quarter for a total cost of $38.8 million, at an average price of $90.81 a share. The fortunes of Toys R' Us were expected to weigh on the toymaker, but other issues have come to the forefront as well. That's "a positive indicator for 2019 growth", she said.
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Hasbro, Inc. shares were trading at $85.67 per share on Monday afternoon, up $2.86 (+3.45%).