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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Hasbro, Inc.    HAS

HASBRO, INC.

(HAS)
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Hasbro results dented by lingering Toys 'R' Us woes, shares drop

10/22/2018 | 11:34am EST
Illustration photo of a Jenga game by Hasbro Gaming

(Reuters) - Toymaker Hasbro Inc missed analysts' expectations for quarterly revenue and profit on Monday, as the demise of major retail partner Toys 'R' Us hurt sales in Europe and the United States, sending its shares down as much as 8 percent.

The company and rival Mattel Inc have scrambled to find new avenues to sell their products following the sudden collapse of Toys 'R' Us, once the world's largest standalone toy retailer, a year ago.

"As we go into 2019, we certainly believe we'll continue to make up for the Toys 'R' Us difference," Chief Executive Officer Brian Goldner said on a post-earnings call.

"Our goal in holiday 2018 is not to necessarily make up the Toys 'R' Us difference this year."

Investor expectations were high going into the third quarter after Goldner and Wall Street analysts hinted the company may mitigate some of the impact from the toy retailer's bankruptcy in the second half of the year.

But Pawtucket, Rhode Island-based Hasbro reported a 7 percent drop in quarterly sales in the United States and Canada to $924.2 million, due to the loss of Toys 'R' Us revenue and an inability to meet shipping demands of other retailers.

Hasbro and Mattel are retooling their supply chains to target more retailers since the collapse of Toy 'R' Us, but volumes remain still below levels before the toy retailer's bankruptcy filing.

Traditional toymakers have also been rattled in recent years by thousands of manufacturers selling on Amazon.com and other e-commerce sites, as well as kids preferring electronic games over physical toys.

The drop in Hasbro's international sales was much steeper, down 24 percent, pressured by changing consumer shopping trends and a stronger dollar.

"International revenues were the biggest surprise," B Riley analyst Susan Anderson said.

Sales in Hasbro's partner brands that include tie-ups with Marvel and Disney also fell 37 percent in the three months ended Sept. 30, partly due to the absence of a major movie release in the quarter.

The company also said on Monday it was restructuring its business, which would lead to severance charges of $50 million to $60 million in the current quarter.

Hasbro did not disclose the number of layoffs, but told Reuters last week that it would be a "single-digit percentage" of its global workforce. The company had more than 5,000 employees as of Dec. 31.

Excluding certain items, Hasbro earned $1.93 per share, missing expectation of $2.23, according to Refinitiv estimates.

Revenue also fell short of expectations.

Hasbro shares were down nearly 5 percent at $93.41 in late-morning trade, while those of Mattel were down 2 percent.

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Sriraj Kalluvila)

By Aishwarya Venugopal


© Reuters 2018
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. -2.81% 3232.58 Delayed Quote.-0.75%
EURO / US DOLLAR (EUR/USD) -0.10% 1.2087 Delayed Quote.-0.92%
HASBRO, INC. -2.00% 93.29 Delayed Quote.-0.27%
MATTEL 2.38% 18.1 Delayed Quote.3.72%
THE GLOBAL LTD. 2.02% 253 End-of-day quote.-2.69%
THE LEAD CO., INC. 0.49% 824 End-of-day quote.-1.90%
UNITED PARCEL SERVICE, INC. -2.34% 157.65 Delayed Quote.-6.38%
WORLD CO., LTD. -0.91% 1307 End-of-day quote.4.31%
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Financials (USD)
Sales 2020 5 429 M - -
Net income 2020 259 M - -
Net Debt 2020 4 017 M - -
P/E ratio 2020 48,5x
Yield 2020 2,91%
Capitalization 12 784 M 12 784 M -
EV / Sales 2020 3,09x
EV / Sales 2021 2,70x
Nbr of Employees 5 600
Free-Float 57,4%
Chart HASBRO, INC.
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Hasbro, Inc. Technical Analysis Chart | MarketScreener
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Technical analysis trends HASBRO, INC.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 17
Average target price 103,06 $
Last Close Price 93,29 $
Spread / Highest target 28,6%
Spread / Average Target 10,5%
Spread / Lowest Target -6,74%
EPS Revisions
Managers and Directors
NameTitle
Brian D. Goldner Chairman & Chief Executive Officer
John A. Frascotti President, Chief Operating Officer & Director
Deborah M. Thomas CFO, Chief Accounting Officer & Executive VP
Steve Zoltick Chief Information Officer & Executive VP
Alan G. Hassenfeld Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
HASBRO, INC.-0.27%13 044
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MATTEL3.72%6 153
SPIN MASTER CORP.-0.90%2 309