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Hasbro, like other U.S. toymakers, was hit hard by the
sooner-than-expected collapse of Toys 'R' Us and had said it
would get through the worst by the latter half of the year.
"We are focused on moving beyond the near-term disruption of
losing a major customer, with a clear path forward including new
retailer activations to meet the consumer demand made available
by the Toys 'R' Us departure," Chief Executive Officer Brian
Goldner said in a statement.
Net earnings fell to $60.3 million, or 48 cents per share, in
the second quarter ended July 1, from $67.7 million, or 53 cents
per share, a year earlier.
Analysts had expected earnings of 29 cents per share, according
to Thomson Reuters I/B/E/S.
The company's revenue fell 7 percent to $904.5 million in the
quarter, but was nearly half the drop that analysts were
expecting. Analysts on an average were estimating revenue of
$833.1 million.
(Reporting by Uday Sampath and Nivedita Balu in Bengaluru;
Editing by Arun Koyyur)
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