The retailer - one of Hasbro's largest customers - filed for bankruptcy in September, had a awful fourth quarter and then announced the liquidation of several divisions.
"In addition to the Toys "R" Us impact, we entered the year with work to do to clear through carry-forward inventory, in particular, in Europe", he explained. This has presented another hurdle for toy makers that were already dealing with slowing growth and concerns that the success of making so many products based off an ever-growing slate of kids' entertainment is waning.
Hasbro warned in February that residual effects from the bankruptcy of Toys R Us would weigh heavily on the brand for the first two quarters of 2018.
The company is set to still be on track to meeting its goal of generating $600 to $700 million in operating cash flow for the year.
Hasbro said Monday it will rely more on online sales, although it has also been working on getting its toys into more stores. The liquidation also generated expenses of $61.4m.
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Hasbro, which makes toys like My Little Pony and Transformers - lost $112.5 million, or 90 cents per share. But, he added, it could take a year before the company sees sales rise again. "We are just building those plans to do that, but it takes some time". This is usually when toymakers are rebuilding inventory for the rest of the year.
Adjusted Earnings per Share came in at 10 cents vs. 33 cents expected, while revenue: $716.3 million vs. $814 million projected.
The ongoing Toys "R" Us bankruptcy natural disaster continues to shake toymakers hard.
The overall results were disappointing, with net revenue decreasing 16%, or Dollars $133.4 million, to a total of $716.3 million. That's "a positive indicator for 2019 growth", she said.
Hasbro, Inc. shares were trading at $85.67 per share on Monday afternoon, up $2.86 (+3.45%). The stock had slid 8.9 percent this year through Friday's close.
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