Shares of toy maker Hasbro plummeted more than 9 percent before the opening bell Friday after the company said it was more negatively impacted by the liquidation and closure of Toys R Us than it had forecast.
“2018 was a very disruptive year, driven by the bankruptcy and liquidation of Toys R Us across most of the world and a rapidly shifting consumer and retail landscape,” Brian Goldner, Hasbro’s chief executive officer, said in a statement Friday. “During 2018, we diversified our retailer base, meaningfully lowered retailer inventories, and delivered innovative new offerings to our global consumers.
“We were not, however, able to recapture as much of the Toys R Us business during the holiday period as we anticipated as the effect of its liquidated inventory in the market was more impactful than we and industry experts expected,” he said. “It is an unprecedented yet finite event.”
Hasbro said that earned $1.33 per share on $1.39 billion in revenue during the fourth quarter, compared to the $1.67 per share on $1.52 billion analysts had expected according to Refinitiv.
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