Hasbro: results well below expectations for holiday quarter

(CercleFinance.com) - Hasbro, known for famous brands such as Play-Doh, Monopoly, and Nerf, reported quarterly results that are well below expectations, citing the effects of the bankruptcy of Toys"R"Us.


Changing consumer shopping behaviour, reduced retail inventory, and a challenging UK economy also hurt the US toymaker's results, the Rhode Island-based group said.

Hasbro, the second-largest US toy maker behind Mattel, said its net earnings in the fourth quarter were a token 8.8 million dollars, or 0.07 dollar per share, even though they are up from a net loss of 5.3 million dollars, or 0.04 dollar per share, a year earlier.

Its quarterly sales fell by 13% at 1.4 billion dollars.

The company said it will raise its quarterly dividend by 8% in 2019 and insisted future investments in franchises like Power Rangers and Bumblebee will drive top-line growth, but investors seemed to ignore this news.

Hasbro shares are currently down 7% in pre-market trading.

Copyright (c) 2019 CercleFinance.com. All rights reserved.