Hasbro Inc. (HAS) reported revenues of $904.5 million for the second quarter of 2018, a decrease of 7% from the same period last year. The quarterly revenues were impacted by the liquidation of Toys R Us in the US and several other global markets. Revenues also declined internationally mainly due to retail inventory management and changes in the retail landscape.
Net income dropped to $60.3 million or $0.48 per share compared to $67.7 million or $0.53 per share in the prior-year period.
During the quarter, US and Canada net revenues decreased 7%, hurt by Toys R Us revenue loss and stores liquidation. International revenues fell 11%, negatively impacted by efforts to clear excess inventory in Europe along with the loss of Toys R Us revenues in several European and Asia-Pacific markets. Entertainment and Licensing segment revenues grew 26% helped by success in the licensing and entertainment businesses.
Last month, Hasbro acquired Power Rangers and other Entertainment assets from Saban Properties for $522 million. The company stated that the acquisition of Power Rangers helped strengthen its portfolio.
Hasbro paid $78.7 million in cash dividends to shareholders during Q2 2018. The next quarterly cash dividend payment of $0.63 per common share is scheduled for August 15, 2018 to shareholders of record on August 1, 2018.
(The story will be updated shortly)