PAWTUCKET – Hasbro Inc. reported third-quarter profit of $265.6 million Monday, a 3.7 percent increase year over year.
Revenue for the quarter was $1.8 billion, a 6.7 percent increase from the 2016 third-quarter revenue. The company noted that $29.6 million in revenue for the quarter came from favorable foreign exchange.
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Diluted earnings per share for the quarter were $2.09 compared with $2.03 a year ago.
“The global Hasbro team delivered another good quarter. Our brand blueprint strategy is successfully driving the business despite a challenging economic environment in the U.K. and Brazil, as well as a short-term retailer disruption,” said Brian Goldner, Hasbro’s chairman and CEO. “As a result of the Toys R Us bankruptcy filing in the U.S. and Canada, there was a negative impact on our quarterly revenue and operating profit. However, our multi-platform content strategy, combined with an industry-leading investment in innovation and an omni-channel commercial approach, is driving strong consumer takeaway heading into the holiday season.”
Hasbro saw 7 percent growth to $827.3 million in Franchise Brand revenue year over year, attributing the growth to Nerf, Transformers, My Little Pony and Monopoly.
Partner Brands revenue declined 1.6 percent to $485.7 million due to declines in Yo-Kai Watch and Dreamworks’ Trolls sales.
Hasbro Gaming revenue increased 21.9 percent year over year to $280.1 million primarily on the performance of Speak Out and Fantastic Gymnastics.
Emerging Brands saw an 8.5 percent revenue increase in the quarter, thanks mostly to growth in Baby Alive and Furreal Friends products.
Hasbro said that it intended to work with Toys R Us heading into the holiday period. Chief Financial Officer Deborah Thomas noted that the company had updated its fourth-quarter revenue expectations to reflect growth of between 4 percent and 7 percent.
Chris Bergenheim is the PBN web editor.
