De­mand dips for Has­bro’s clas­sic toys

Northwest Arkansas Democrat-Gazette - - BUSINESS & FARM -

PAW­TUCKET, R.I. — De­mand for Has­bro Inc.’s EasyBake oven, Playskool and Su­per Soaker brands de­clined in the sec­ond quar­ter, push­ing sales be­low an­a­lysts’ es­ti­mates.

While the com­pany’s so-called Fran­chise prod­ucts — Trans­form­ers, Nerf and Mo­nop­oly, among oth­ers — re­mained strong, the re­sults sent shares down the most in 21 months.

Re­gional weak­ness in places such as Brazil and the U.K. con­trib­uted to tepid sales, Has­bro said. The com­pany also saw just 1 per­cent growth from its Part­ner Brands, a group that in­cludes Star Wars and Marvel prod­ucts.

The com­pany is bank­ing on a “ro­bust and di­verse en­ter­tain­ment slate” to im­prove sales, Chief Ex­ec­u­tive Of­fi­cer Brian Gold­ner said in a state­ment.

Shares of Paw­tucket, R.I.-based Has­bro fell $10.95, or 9.4 per­cent, to close Mon­day at $105. They had gained 49 per­cent this year through the end of last week.

Sales amounted to $972.5 bil­lion in the quar­ter, miss­ing the $974.2 bil­lion av­er­age of an­a­lysts’ pro­jec­tions. Still, profit ex­ceeded es­ti­mates. In­clud­ing an ac­count­ing ben­e­fit, earn­ings were 53 cents a share. An­a­lysts pre­dicted 45 cents.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.