Toymaker Hasbro (HAS) released its third quarter earnings on Monday, and although they beat analyst expectations, the company's cautious statement about the impact of Toys "R" Us's bankruptcy on the supplier's sales is sending its stock lower.
Chairman and CEO Brian Goldner cited "a challenging economic environment in the U.K.and Brazil, as well as a short-term retailer disruption".
Unfortunately, sales weakness will persist through the fourth quarter.
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Toys "R" Us, along with certain of its U.S. and Canadian subsidiaries, voluntarily filed for relief under Chapter 11 of the Bankruptcy Code in the US Bankruptcy Court for the Eastern District of Virginia on September 18.
Hasbro, Inc. says that it is working with Toys R Us on the issue, but still says the bankruptcy announcement may hurt its earnings for the holiday season.
Deborah Thomas, Hasbro's chief financial officer, said, "We are well positioned for the holiday, including good quality inventory at Hasbro and at retail, backed by strong consumer momentum". The improvements were partly offset by negative impact of the Toys " R " Us bankruptcy in the USA and Canada. Emerging markets revenues increased 8 percent in the quarter.
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Hasbro reported decent third-quarter results this morning, with revenue rising 7% to $1.79 billion versus $1.68 billion in the year-ago quarter and net earnings inching up 3% to $265.6 million, or $2.09 per share, compared with $257.8 million, or $2.03 per share in the 2016 period.
The Amazon-fueled move away from brick-and-mortar retailing was behind the surprise filing last month by Toys "R" Us, which left Hasbro exposed to the tune of US$60 million in unsecured claims for payment.
Third quarter 2017 revenues included a favorable $29.6 million impact from foreign exchange. On a regional basis, revenue was up in Europe (3%), Latin America (13%) and Asia Pacific (17%).
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