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July 27, 2020, 6:46 a.m. EDT

Hasbro's stock drops after adjusted profit, revenue miss expectations

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By Tomi Kilgore

Shares of Hasbro Inc. /zigman2/quotes/201249319/composite HAS -4.81% dropped 3.2% in premarket trading Monday, after the toy maker reported an adjusted second-quarter profit and revenue that missed expectations, as the COVID-19 pandemic has led to temporary store closures, product shortages and lower retail inventory. The company swung to a net loss of $33.9 million, or 25 cents a share, from net income of $13.4 million, or 11 cents a share, in the year-ago period. Excluding non-recurring items, such as acquisition-related and severance charges and cost-saving initiatives, adjusted earnings per share was 2 cents, below the FactSet consensus of 22 cents. Revenue fell to $860.3 million from $984.5 million, or declined 29% on a pro forma basis, to miss the FactSet consensus of $985.5 million. Franchise brands revenue fell 35% to $376.8 million, missing the FactSet consensus of $507.6 million, and partner brands revenue dropped 35% to $138.2 million to miss expectations of $174.2 million, but Hasbro brands revenue rose 11% to $137.0 million to beat expectations of $125.9 million. Within Hasbro brands, consumer point of sales increased in the high-single digits percentage range. The company said nearly all of its partner factories and warehouses are now open. The stock has dropped 26.5% year to date through Friday, while the SPDR Consumer Discretionary Select Sector ETF /zigman2/quotes/200844504/composite XLY -1.44% has gained 8.1% and the S&P 500 /zigman2/quotes/210599714/realtime SPX -1.16% has slipped 0.5%.

/zigman2/quotes/201249319/composite
US : U.S.: Nasdaq
$ 76.07
-3.84 -4.81%
Volume: 1.02M
Sept. 21, 2020 4:00p
P/E Ratio
25.99
Dividend Yield
3.58%
Market Cap
$10.95 billion
Rev. per Employee
$848,083
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/zigman2/quotes/200844504/composite
US : U.S.: NYSE Arca
$ 141.51
-2.07 -1.44%
Volume: 4.17M
Sept. 21, 2020 4:00p
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/zigman2/quotes/210599714/realtime
US : S&P US
3,281.06
-38.41 -1.16%
Volume: 2.94B
Sept. 21, 2020 4:15p
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