Hasbro reported net earnings for Q1 2019 of $26.7 million, compared with a net loss of $112.5 million a year earlier.<\/p>\n
The year-earlier loss included after-tax expenses of $61.4 million, primarily bad debt, associated with the closure of Toys “R” Us stores in the U.S., $15.7 million of severance costs related to the company’s reorganization and a net charge of $47.8 million related to U.S. tax reform.<\/p>\n
Net revenues for the first quarter of 2019 increased 2 percent to $732.5 million, compared to $716.3 million in 2018. Without the negative impact of foreign exchange, quarterly revenues grew 6 percent.<\/p>\n
\u201cThe global Hasbro team is executing very well and delivered a good start to the year,\u201d said Brian Goldner, Hasbro\u2019s chairman and CEO. \u201cOur long-term investments in new platforms provided a meaningful contribution from our digital and eSports initiative, Magic: The Gathering Arena, as well as growth in Magic: The Gathering tabletop revenues. In addition, Monopoly, Play-Doh and Transformers were among the brands posting revenue gains this quarter. We are beginning to see improvement in our commercial markets, notably in the U.S. and Europe, and operating profit was driven by high margin revenue growth and our cost savings activities. With most of the year ahead of us, we remain on track to deliver profitable growth for the full-year 2019.\u201d<\/p>\n
\u201cIn addition to executing on the top-line, our team remains focused on implementing the cost savings initiatives we announced last year,\u201d said Deborah Thomas, Hasbro\u2019s chief financial officer. \u201cWe continue to expect full-year net cost savings of $50-$55 million, as we announced in February. Our balance sheet is strong and we continue investing in areas intended to drive long-term profitable growth.\u201d<\/p>\n
U.S. and Canada segment net revenues for the quarter increased 1 percent to $357.9 million. Revenue growth in Franchise Brands, Hasbro Gaming and Emerging Brands was partially offset by a decline in Partner Brands. International segment net revenues declined 2 percent to $282.6 million, though excluding a negative $23.4 million impact of foreign exchange, international segment revenues increased 6 percent. Entertainment, licensing and digital segment net revenues increased 24 percent to $92 million.<\/p>\n","protected":false},"excerpt":{"rendered":"
Hasbro reported net earnings for Q1 2019 of $26.7 million, compared with a net loss of $112.5 million a year earlier.<\/p>\n","protected":false},"author":350,"featured_media":16241,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":0,"footnotes":""},"categories":[21],"tags":[166],"class_list":["post-16240","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-top-stories","tag-hasbro","pmpro-has-access"],"yoast_head":"\n