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Disney's "Avengers: Endgame", the end of a
decade-long superhero series featuring Iron Man, Hulk and other
popular comic book superheroes, claimed the top spot of the
global box office all-time chart, spurring toy sales.
Hasbro has been cashing in on tie-ups with movie studios such as
Paramount Pictures and Walt Disney Co <DIS.N> to boost sales of
toys linked to big movie franchises as the company recovers from
the bankruptcy of toy retailer Toys "R" Us last year.
As a result, revenue from the partner brands climbed 3% to
$213.4 million in the second quarter.
Revenue from franchise brands, its largest business, rose 14%,
driven by Magic: the Gathering, Monopoly, Play-doh and
Transformers toys.
Net revenue rose 8.9% to $984.5 million and beat the average
analyst estimate of $956.8 million, according to IBES data from
Refinitiv.
Net income fell to $13.4 million, or 11 cents per share, in the
quarter ended June 30 from $60.3 million, or 48 cents per share,
a year earlier, as the company took a pre-tax charge of $110.8
million to settle U.S. pension plan liability.
The company also spent more to move more inventory into the
United States than usual as it faces "dynamic trade and
inventory environment", Chief Financial Officer Deborah Thomas
said in a statement.
Excluding items, the company earned 78 cents per share compared
with expectations of 50 cents per share.
Shares of the toymaker were up 4% in light premarket trading.
(Reporting by Soundarya J in Bengaluru; Editing by Arun Koyyur)
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