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Hasbro sales weighed down by Toys "R" Us collapse, shares fall

Reuters 

(Reuters) - Toymaker Inc reported a bigger-than-expected fall in quarterly revenue on Friday, as it struggled with lost sales from the collapse of retailer and weak demand in the UK, sending its shares down 9 percent.

"We were not ... able to recapture as much of the business during the holiday period as we anticipated as the effect of its liquidated inventory in the market was more impactful than we and industry experts expected," said.

Rival also reported a steeper-than-expected fall gross sales in on Thursday, but its revamped line of Barbie dolls boosted overall sales.

Hasbro's net revenue fell to $1.39 billion in the fourth quarter ended Dec. 30 from $1.6 billion a year earlier, while analysts were expecting $1.52 billion, according to IBES data from Refinitiv.

The company reported net income of $8.8 million, or 7 cents per share, compared with a loss of $5.3 million, or 4 cents per share, a year earlier, when it took a one-time charge related to changes in U.S. tax laws.

Excluding certain items, the company earned $1.33 per share, below the average estimate of $1.67 per share.

(Reporting by in Bengaluru; Editing by Saumyadeb Chakrabarty)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, February 08 2019. 18:10 IST
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