Hasbro hit by changing consumer shopping trends
Bengaluru — Toymaker Hasbro missed analysts’ expectations for quarterly revenue and profit on Monday, as the demise of major retail partner Toys ‘R’ Us hurt sales in Europe and the US, sending its shares down as much as 8%. The company and rival Mattel have scrambled to find new avenues to sell their products following the sudden collapse of Toys ‘R’ Us, once the world’s largest standalone toy retailer, a year ago. “As we go into 2019, we certainly believe we’ll continue to make up for the Toys ‘R’ Us difference,” CEO Brian Goldner said on a post-earnings call. “Our goal in holiday 2018 is not to necessarily make up the Toys ‘R’ Us difference this year.” Investor expectations were high going into the third quarter after Goldner and Wall Street analysts hinted the company may mitigate some of the impact from the toy retailer’s bankruptcy in the second half of the year. But Pawtucket, Rhode Island-based Hasbro reported a 7%drop in quarterly sales in the US and Canada to $924.2m, due t...
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