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31 Jan – 4 Feb 2018
Shares of toy maker Hasbro have decreased more than 9% before the opening bell Friday.
Hasbro’s net revenues for the full-year 2018 decreased 12% to $4.58b versus $5.21b in 2017. The lower revenues reflect lost Toys R Us revenues throughout 2018 in the US, Europe and Asia Pacific, as well as a more meaningful impact than expected from the liquidation of Toys R Us inventory into these markets.
In addition, revenues declined internationally, most notably in Europe where the company addressed changing consumer shopping behaviours, a rapidly evolving retail landscape and reduced retail inventory, amidst challenging economies in key markets notably the UK. 2018 net revenues also include an unfavourable $43m impact from foreign exchange.
Hasbro said it earned $1.33 per share on $1.39b in revenue during the fourth quarter, compared to the $1.67 per share on $1.52b analysts had expected according to Refinitiv.