While the coronavirus situation bubbles on, you could be forgiven for assuming that Hasbro profits would slump, but that’s not the case as sales of games like Magic: The Gathering, Monopoly and Hasbro Gaming boost by 40%.
Hasbro has reported financial results for the first quarter 2020. Net revenues for the first quarter 2020 were $1.11b versus $1.20b in 2019. Net loss for the first quarter 2020 was $69.6m, versus net earnings of $76.4m in 2019.
The company completed its acquisition of Entertainment One (eOne) at the beginning of the first quarter. The first quarter loss included $127.5m of acquisition-related expenses and $19.9m of purchased intangible amortisation associated with the eOne acquisition. Excluding these items, adjusted net earnings for the first quarter 2020 were $77.7m.
First quarter consumer demand for Hasbro Brands was said to be strong, led by games. Hasbro’s total gaming category revenues, including Magic: The Gathering, Monopoly and Hasbro Gaming, grew 40% and point of sale was up globally over 25%. Play-Doh also enjoyed a sales boost, increasing by mid-single digits.
During the first quarter, Hasbro launched Bring Home the Fun, a global initiative created to further the Company’s purpose to make the world a better place for children and their families. The initiative provides parents and caregivers resources to help keep kids occupied and engaged during extended time at home and indoors.
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