Hasbro has posted a net loss of $112.5 million which includes after-tax expenses of $61.4 million associated with Toys ‘R’ Us.
Hasbro has pointed the finger at the liquidation of Toys R Us as the reason behind its first quarter revenue decrease to $716.3m for 2018.
The global toymaker has posted a net loss of $112.5 million which includes after-tax expenses of $61.4 million associated with Toys R Us, $15.7 million of severance costs and a net charge of $47.8 million related to the US tax reform.
Last year, Hasbro posted a first quarter total of $849.7 million.
Hasbro’s chairman and chief executive officer, Brian Goldner has praised the team’s efforts in what he has billed a ‘challenging first quarter.’“Hasbro’s brands are resonating with consumers and consumer takeaway is positive,” he said.
“However, as we discussed earlier in the year, our first quarter was expected to be difficult. We are working to put the near-term disruption from Toys R Us behind us.
“Our global retailers view this as an opportunity in a key consumer category and are partnering with Hasbro to develop growth plans for our brands. New Hasbro initiatives shipping I this quarter and beyond won’t be caught up in the Toys R Us liquidation process.
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