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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 -0.28% 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 +0.90% has gained 8.1% and the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.74% has slipped 0.5%.

US : U.S.: Nasdaq
$ 99.15
-0.28 -0.28%
Volume: 583,429
May 7, 2021 4:00p
P/E Ratio
Dividend Yield
Market Cap
$13.64 billion
Rev. per Employee
US : U.S.: NYSE Arca
$ 177.62
+1.58 +0.90%
Volume: 3.38M
May 7, 2021 4:00p
+30.98 +0.74%
Volume: 2.05B
May 7, 2021 5:15p

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