Hasbro Takes a Major Hit from Toys “R” Us Bankruptcy
Hasbro has been severely impacted by the loss of Toys “R” Us. The toy manufacturer has posted its fourth quarter results, which missed Wall Street’s estimates by a large margin. Shares fell at least 10 percent following the announcement.
CEO Brian Goldner called 2018 a “disruptive year,” placing the blame on the Toys “R” Us bankruptcy and shifting consumer tastes. Revenue fell 13 percent to $1.39 billion. Despite the loss, Hasbro is focusing on new toys planned for 2019.
The company teased new toys from popular franchises like “Star Wars,” “Frozen” and Marvel’s “Avengers,” hinting that these products could be major sales drivers for Hasbro in the coming year.