The beginning of the week wasn’t as expected for Hasbro, in fact, nothing went as expected for the company, as it had to close stores and factories, and faced product shortages during the pandemic.
Earlier today, the toys and board games American conglomerate posted its financial report for Q2. It reported a net loss of $33.9 million, compared to last year’s profit of $13.4 million.
The adjusted earnings came in at 2 cents, below the 22 cents consensus. It fell short on revenue, as it posted $860.3 million, lower than $984.5 expected, and last year's $984.5 million, despite the strong demand for toys during the pandemic. 30% of the global revenue came from online sales.
The revenue from franchise brands dropped by 35% to $376.8 million, missing the expected $507.6 million. A miss of 35% was the revenue from partner brands, which came in at $138.2 million, from $174.2 million forecasted.
After the report, the shares lost roughly 11%. This year, the stock dropped by 26.5%, while USA500 lost 0.5%.
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Sources: marketwatch.com, cnbc.com