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Toys R Us closure weighs on Hasbro results

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.

Hasbro second quarter 2018 earnings
Hasbro Q2 2018 Earnings Infographic

(The story will be updated shortly)

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