Tuesday, 23 July, 2019

Hasbro Sales Hit By 'Star Wars' Toys Dropoff

Star Wars figurines are displayed at the Hasbro showroom during the American International Toy Fair in New York. Toy maker Hasbro Inc. delivered a surprise sales drop for the critical fourth quarter as it struggled Hasbro Sales Hit By 'Star Wars' Toys Dropoff
Lora Ball | 08 February, 2018, 16:44

Excluding non-recurring items, such as tax-related charge of $296.5 million, adjusted earnings per share came to $2.30, above the FactSet consensus of $1.81.

The toy industry was jolted by the retailer's collapse last October, forcing Hasbro, rival Mattel and other toy makers to find other outlets for sales during the all-important holiday season.

However, adjusted earnings per share beat analysts' expectations, while revenues missed their estimates. Analysts, on average, had expected Hasbro to earn $1.80 per share.

"A decline in Partner Brands and Europe revenues resulted in us not meeting our fourth quarter revenue expectations", Hasbro Chief Executive Brian Goldner said.

The latest quarter's results included a net charge of $296.51 million or $2.35 per share related to the USA tax reform.

Hasbro said it posted a net loss of $5.3 million, or four cents per share, down from a net profit of $192.7 million, or $1.52 per share, a year ago.

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Entertainment and licensing "basically saved the quarter", UBS analyst Arpine Kocharyan told Reuters.

In partner brands sales, increases in Beyblade, Marvel and Sesame Street revenue was offset by declines in Star Wars, Yo-Kai Watch and Disney Frozen revenue.

Hasbro's board of directors has declared a quarterly cash dividend of $0.63 per common share. "Much of this impact will be felt in the first two quarters of the year".

Franchise brands, like Nerf, Monopoly and My Little Pony performed well for the company, rising 11% in the quarter. Partner brands' results tend to be quite lumpy because this category is driven by movie openings.

As for segments, year-over-year revenue declined 1% to $751 million in US and Canada, dropped 5% - 10% absent foreign exchange - to $723 million in global, and grew 7% to $123 million in entertainment and licensing, driven by growth in consumer products and digital gaming.

Looking ahead, Disney's robust movie release lineup this year should provide a powerful tailwind for Hasbro's toy sales.

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