With lights from Toys R Us dimmed, sales plunge at Hasbro

Hasbro reported a 16% drop in sales for the first quarter. The toymaker's earnings missed forecasts mostly because Toys

However, as we discussed earlier in the year, our first quarter was expected to be hard. The segment also reported a net operating loss of (-$23.4) million compared to an operating profit of $64.8 million, reported in the first quarter of a year ago.

Hasbro's net revenues decreased 16 percent to $716.3 million in the first quarter due to the liquidation of Toys" R " Us in the USA and United Kingdom and uncertainty in its other operations, as well as retail inventory overhang, primarily in Europe.

"The Hasbro teams executed extremely well during a challenging first quarter", said Brian Goldner, Hasbro's chairman and CEO.

Hasbro said Monday it will rely more on online sales, although it has also been working on getting its toys into more stores. In North America, sales sank 19%.

Partner Brand revenue also dropped 6%, overall, but was offset by revenue growth in Marvel and Beyblade products.

Goldner has said that revenue will take a hit this year, but declined on Monday to give more specific sales guidance.

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The net loss that is attributable to the business was $112.5 million equal to 90 cents a share, during the quarter in comparison to a $68.6 million profit equal to 54 cents a share for the year earlier. He said the company would update investors later this year. He added: "We are just building those plans to do that, but it takes some time".

The first quarter, which runs through March, is Hasbro's smallest by revenue.

Total sales in the period sank 16 percent to $716.3 million, the company said. In the US and Canada, net revenues dropped by 19 percent to $364.3 million.

The beyblades maker is expecting its operating profit margin to be in line with the level from 2017 of 15.6% in 2018, excluding any expenses that are associated with the bankruptcy of Toys R Us and any severance costs from transformation of the commercial organization. That's "a positive indicator for 2019 growth", she said.

Shares of the company fell almost 5 percent to $78.80 before the bell and were set to open at their lowest since December 2016 as the company also fell 23 cents per share short of analysts' expectations on profit. The stock had slid 8.9 percent this year through Friday's close.

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