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"My Little Pony: The Movie" and an agreement on Hasbro TV programming have both contributed to the quarterly performance of the toy seller.
Photo:
Daniel Acker / Bloomberg News
Hasbro
Inc.
AT -0.46%
announced a slight decline in third-quarter profits compared with the same quarter of the previous year as the toy vendor felt that the purchase of Toys "R" Us was being wound up.
The profit at Hasbro decreased by 0.6% compared to the comparable quarter of the previous year. The company reported a profit of $ 263.9 million, or $ 2.06 per share, down $ 265.6 million, or $ 2.09 per share. On an adjusted basis, Hasbro said its earnings were $ 1.93 per share, down $ 2.09 per share. Analysts surveyed by Refinitiv were expecting a GAAP profit of $ 2.26 per share and an adjusted profit of $ 2.23 per share.
Hasbro's net income decreased 12% to $ 1.57 billion. Analysts surveyed by Refinitiv were expecting a turnover of $ 1.71 billion.
Hasbro said, "The decline in revenues reflects the revenue loss of Toys & # 39; R & # 39; US, Europe and the Asia-Pacific region. "Managing Director Brian Goldner said in a prepared statement that" the volume of liquidated product in the second quarter had a short-term impact on sales and third quarter deliveries. "
Net income in the United States and Canada declined, but this decline was surpassed by a 24% decline in international net income. Hasbro has seen a 45% increase in the net business turnover of the entertainment business and licenses, he said. The company said the "My Little Pony: The Movie" and a television programming agreement from Hasbro both contributed to the segment's performance.
Net sales of partner brands fell by 37%, according to Hasbro. Revenue from franchise brands has decreased and gaming revenue is about stable. The emerging brands division of the company recorded a slight increase in net income.
Write to Allison Prang at [email protected]
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