Hasbro saw its net revenues for the second quarter of 2018 decrease 7 percent to $904.5 million, impacted by the liquidation of Toys\u201cR\u201dUs in the U.S. and other global markets.<\/p>\n
\u201c2018 is unfolding as expected as our teams manage the liquidation of Toys\u201cR\u201dUs in many markets and address the rapidly evolving European retail landscape,\u201d said Brian Goldner, Hasbro\u2019s chairman and CEO. \u201cWe are investing in our business\u2014in innovation, entertainment and a modern global commercial organization, to drive profitable growth in 2019 and beyond. Consumer takeaway is up for our brands, and we further strengthened our brand portfolio through the acquisition of Power Rangers. We are focused on moving beyond the near-term disruption of losing a major customer, with a clear path forward including new retailer activations to meet the consumer demand made available by the Toys\u201cR\u201dUs departure.\u201d<\/p>\n
\u201cOur global teams executed well despite the disruption in the market,\u201d said Deborah Thomas, Hasbro\u2019s chief financial officer. \u201cWith $1.2 billion in cash, and a healthy balance sheet, our financial position is strong. Our diverse portfolio enabled us to partially offset the negative margin impact from lower revenues, but not entirely. We are working with our retailers to successfully execute their plans for Hasbro\u2019s innovative portfolio this holiday season.\u201d<\/p>\n
Net earnings for Q2 were $60.3 million, compared to $67.7 million in the same quarter last year.<\/p>\n
Q2 U.S. and Canada segment net revenues decreased 7 percent to $459.3 million. The segment reported an operating profit of $76.2 million, compared to an operating profit of $81.6 million in 2017. The segment\u2019s quarterly performance was impacted by the loss of Toys\u201cR\u201dUs revenues and the near-term disruption of its stores\u2019 liquidation. International segment net revenues were $380.4 million, down 11 percent. Revenues in the segment were impacted by efforts to clear excess retail inventory in Europe, as well as the loss of Toys\u201cR\u201dUs revenues in many European and Asia-Pacific markets.<\/p>\n
In the entertainment and licensing segment, net revenues increased 26 percent to $64.7 million. Operating profit increased 64 percent to $18.6 million.<\/p>\n","protected":false},"excerpt":{"rendered":"
Hasbro saw its net revenues for the second quarter of 2018 decrease 7 percent to $904.5 million, impacted by the liquidation of Toys\u201cR\u201dUs in the U.S. and other global markets.<\/p>\n","protected":false},"author":350,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":0,"footnotes":""},"categories":[21],"tags":[166],"class_list":["post-14686","post","type-post","status-publish","format-standard","","category-top-stories","tag-hasbro","pmpro-has-access"],"yoast_head":"\n