Hasbro Inc.’s first-quarter revenue fell 24% to $757.3 million, down from about $1 billion last year. The company attributed the difference largely to selling its eOne film and TV business. Excluding eOne, revenue was down 9%, the company said Wednesday.
By segment, Wizards of the Coast and digital gaming revenue rose 7%. Revenue for Hasbro’s consumer products fell 21% in Q1 due to industry trends and fewer closeout sales. Entertainment fell 85% with the sale of eOne; excluding that, Hasbro said revenue for the segment grew 65% thanks to Peppa Pig-related content.
Operating profit for the quarter was $116.2 million, up more than 500% from last year, while adjusted operating profit was $148.6 million. Hasbro swung from a year-over-year net loss of $22 million to net earnings of $59 million for the first quarter.
Source: Retail Dive