Hasbro Releases Q1 Results, Blames Toys 'R' Us Bankruptcy

Hasbro reported a 16% drop in sales for the first quarter. The toymaker's earnings missed forecasts mostly because Toys

In the wake of Toys "R" Us beginning the process of shuttering its USA operations, Hasbro has reported a 16% decline in int first quarter net revenue to the tune of US$716.3 million.

Hasbro posted declining sales in all business areas in the quarter, sending shares down as much as 9.1% in early trading.

The Toys "R" Us effect could be clearly seen in Hasbro's first-quarter results.

Net revenue in Europe, a region where Hasbro struggled to clear excess inventory and suffered due to the liquidation of the UK Toys R Us operation, fell 28 percent. In North America, sales sank 19%. Toys R Us said announced its liquidation last month.

Overall sales in the period sank 16% to $716.3 million, the company said.

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"As we discussed earlier in the year, our first quarter was expected to be hard", CEO Brian Goldner said in a statement Monday. Analysts on average were expecting revenue of $814 million.

Net loss attributable to Hasbro was $112.5 million, or 90 cents per share, in the first quarter ended April 1, compared with a profit of $68.6 million, or 54 cents per share, a year earlier. Hasbro Gaming also saw declines (down 22% to US$105.2 million), despite gains in Dungeons and Dragons and Jenga.

In the first quarter, the company took a hit across its toy portfolio, with sales of franchise brands, such as Nerf, Monopoly and My Little Pony, falling 19% and partner brands which include "Star Wars", "Frozen" and "Marvel" merchandise, slumping 6%.

Hasbro Gaming predicted that results for the first quarter of 2018 would be low, but are now accelerating "plans [the company] originally had spread throughout the year to transform [their] commercial organization on a more immediate basis". The stock had slid 8.9 percent this year through Friday's close.

Excluding certain items, Hasbro earned 10 cents per share, compared to analysts' estimate of 33 cents per share, according to Thomson Reuters I/B/E/S, its first miss in at least two years.

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