Hasbro increases stock repurchase program by $500 mln

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Hasbro’s stock falls after adjusted profit, sales miss expectations

Shares of Hasbro Inc. dropped 3.6% in premarket trade Monday, after the toy maker reported first-quarter profit and sales that missed expectations, citing the negative impact of the liquidation of Toys ‘R’ Us. The company swung to a net loss of $112.5 million, or 90 cents a share, from a profit of $68.6 million, or 54 cents a share, in the same period a year ago. Excluding non-recurring items, such as expenses associated with Toys ‘R’ Us, severance costs and adjustments related to recent tax legislation, adjusted earnings per share came to 10 cents, below the FactSet consensus of 33 cents. Revenue fell to $716.3 million from $849.7 million, below the FactSet consensus of $816.0 million. “First quarter 2018 revenues were negatively impacted across all brand portfolio categories by the liquidation of Toys ‘R’ Us in the U.S. and U.K., along with uncertainty in its other operations, as well as retail inventory overhang, primarily in Europe,” the company said in a statement. The stock has dropped 8.9% year to date through Friday, while the S&P 500 has slipped 0.1%.

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