Hasbro Announces Net Revenues Decreased 12% in Third Quarter
GoLocalProv Business Team
Hasbro Announces Net Revenues Decreased 12% in Third Quarter
According to Hasbro, net revenues for the quarter decreased 12% to $1.57 billion versus $1.79 billion in 2017.
“The global Hasbro team is effectively managing our business forward through a very disruptive year. The lost Toys“R”Us revenues are impacting many markets around the world, notably the U.S., Europe, Australia and Asia. The volume of product liquidated in the second quarter had a near-term impact on the third quarter sell-through and shipments. We are successfully managing retail inventory and it is down significantly in the U.S. and in Europe, where we are aggressively working to clear excess inventory by year-end. A growing array of retailers are now ramping new programs to take share this holiday season and we are well positioned to meet their demand,” said Brian Goldner, Hasbro’s chairman and chief executive officer.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe financial results are announced just days after Hasbro announced they are making changes to the company, including layoffs that will impact the workforce.
As GoLocalProv reported, Hasbro did not say exactly how many people would lose jobs.
Financial Results
Net earnings for the third quarter of 2018 were $263.9 million compared to $265.6 million for the third quarter of 2017.
Reported net earnings include $17.3 million tax benefit from U.S. tax reform.
Adjusted third quarter 2018 net earnings were $246.5 million.
“Hasbro remains in a strong financial position, including good operating profit margins, $907 million in cash and quality inventory to support our business this holiday season. As we manage through a very disruptive environment, the strength of our brands and our business allows us to continue to invest to drive profitable growth in future years,” said Deborah Thomas, Hasbro’s chief financial officer.
In the third quarter, U.S. and Canada segment net revenues decreased 7% to $924.2 million compared to $993.8 million in 2017.
The segment reported an operating profit of $226.5 million, or 24.5% of net revenues, compared to an operating profit of $217.3 million, or 21.9% of net revenues, in 2017.
Investigation Ongoing
As GoLocalProv reported, Pomerantz Law Firm said that it is investigating claims on behalf of investors of Hasbro, Inc. as to whether Hasbro and certain of its officers and/or directors "have engaged in securities fraud or other unlawful business practices."
"The claims have no merit and we intend to vigorously defend against them," said Duffy and that the staff cuts are unrelated.
According to reports, in October of 2017 Hasbro said they saw a 5% decline in the Company’s U.S. and Canada segment’s operating profit to $217.3 million, compared to $228 million in 2016.
After the disclosures, Hasbro’s stock dropped $8.44 per share and closed at $89.75 per share on October 23, 2017.
Some of the Most Interesting GoLocal LIVE Interviews -- The First 1,000
Irish Prime Minister Enda Kenny
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Kenny has been instrumental with his support for the Ireland West International Trade Center in Rhode Island and the RI Trade Center in Mayo.
At the time of the interview, a Rhode Island trade mission was visiting Ireland led in part by Warwick Mayor Scott Avedisian, who also appeared on LIVE.
Kenny served as Prime Minister from 2011 until earlier 2017.
Amanda Clayton, Actress
Johnston native Amanda Clayton was almost ready to give up on her acting dreams when she got the call to travel to Atlanta to meet Tyler Perry and test-read with other actors for the then-new show “If Loving You Is Wrong," an opportunity that has been life and career changing for Clayton.
Having moved to New York at 19, five days before 9/11, she studied on-camera acting at New York Conservatory for Dramatic Arts and eventually moved to Los Angeles to pursue film and TV opportunities in Hollywood.
She appeared in Disney’s “John Carter," multiple TV appearances like NCIS: New Orleans, Major Crimes, and The Mentalist, and as Vinny Pazienza’s sister in “Bleed for This” filmed and based right here in Rhode Island.
Clayton just finished a Lifetime Movie “Mommy’s Little Angel”, coming out next year, and finished a role behind-the-scenes as a producer for “Dirty Dead Con Men.”
“If Loving You Is Wrong” airs Tuesday nights on OWN.
Billy Gilman, Grammy Nominee
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Johanne Killeen, Al Forno
Johanne Killeen of Al Forno shared both the story on GoLocal LIVE's "The Taste," of how grilled pizza began -- as well as the announcement on her new cookbook highlighting pizza.
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South African Penguins
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Mystic Aquarium’s mission is to inspire people to care for and protect the ocean planet through education, conservation and research. To help accomplish that mission, Mystic Aquarium offers educational opportunities and fundraising events to continue their conservation work and teach the public about the ocean’s creatures.
Jai Rodriguez, Actor
“Queer Eye for the Straight Guy” alum, Jai Rodriguez, joined GoLocal LIVE to talk about his new show “Sex Tips for Straight Women from a Gay Man’’ currently running in Vegas until January of 2018.
Rodriguez co-stars in the audience-participation heavy live show with reality TV personality, Kendra Wilkinson, and says the subject matter of the show is perfect for the crowd in Vegas.
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Governor Lincoln Chafee
Lincoln Chafee, former Mayor, U.S. Senator and Governor, took Rhode Island Governor Gina Raimondo’s administration to task for promoting economic growth by funneling tax dollars to some of America’s richest corporations, in one of a number of appearances on GoLocal LIVE.
Appearing on GoLocal LIVE with GoLocal News Editor Kate Nagle, Chafee said the Raimondo’s transfer of taxpayers dollars to billion dollar companies such as General Electric and Johnson & Johnson was flawed.
“I have never liked corporate welfare. It's unfair to existing businesses…some out of state business comes in and you give them the candy store. I just don’t like it," said Chafee.
Archivist of the United States, David Ferriero
As only the 10th person to serve as the Archivist of the United States, David Ferriero said it’s been amazing to learn responsibilities of the position and get to know the staff at the National Archives. He appeared on GoLocal LIVE with Molly O'Brien at GoLocal's downtown Providence studio.
“The most exciting thing is getting to know the records and getting to know the richness of the documentation that tells our country’s history, starting with the oaths of allegiance signed at Valley Forge by George Washington and the troops, all the way up to the tweets that are being created as I am speaking, in the White House,” Ferriero said.
Governor Gina Raimondo
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Walt Mossberg, Top Tech Journalist
Who are five of the most influential people to change personal technology? The most important journalist gave his insight on personal tech to date and outlined where we are going.
Super tech journalist and Rhode Island native Walt Mossberg appeared on GoLocal LIVE with GoLocal's News Editor Kate Nagle.
"Well, it was a combination of really important people - and really important technology," said Mossberg. "It took too long for the computer industry to get the memo that these things had to be usable without reading manuals."
Mossberg, who served as the principal technology columnist for the Wall Street Journal from 1991 to 2013, founded AllThingsD, Recode, and the D and Code Conferences, and from 2015 to 2017, was Executive Editor of The Verge.
Gretchen Morgenson, Pulitzer Prize Winning Journalist
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Rhode Island’s Treasurer Seth Magaziner has nearly $700 million invested with TIAA.
Morgenson was first to report that, “New York’s attorney general has subpoenaed TIAA, the giant insurance company, and investment firm, seeking documents and information relating to its sales practices…”
In October, she wrote a sweeping investigative piece that raised questions about TIAA’s selling strategies. “The subpoena to TIAA, which handles retirement accounts for over four million workers at 15,000 nonprofit institutions across the country, followed an article last month in The New York Times that raised questions about the firm’s selling techniques,” wrote Morgenson.
On GoLocal LIVE, Morgenson told News Editor Kate Nagle in a Skype interview, “I think clients in all states should be worried -- Mr. [Seth] Magaziner should do a little more investigation into this to assure himself and the people in Rhode Island in these plans - that what TIAA is [telling them] is correct.”
Ron Powers, Pulitzer Prize-Winning Journalist
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While deeply personal, Powers gave insight on the battles his sons’ fought and details into their family life. He also looked at the history of mental illness, including incarceration, medication and more.
"I was determined to give the mentally ill, invisible to much of society and often denied the very basic acknowledgment of their own humanity, a voice,” Powers said.
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Lidia Bastianich, Chef and Author
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WATCH THE FULL INTERVIEW HERE
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Big news -- Bastianich announced that Eataly could be opening in Toronto, Canada in 2018.
Piff the Magic Dragon
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Jean Lesieur, French Journalist
Leading French journalist Jean Lesieur has appeared twice on GoLocal LIVE.
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WATCH ONE OF HIS INTERVIEWS HERE
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In a sweeping discussion with GoLocal, he spoke about Europe in the Brexit, the Trump relationship with Russian leader Vladimir Putin and the wild French election campaign.
Patrick Kennedy, Former Congressman
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“We’re going through an epidemic of addiction and depression…and we’re in the midst of the rollback the biggest expansion of healthcare coverage that benefits people with mental illness [and] addiction, and this was the first time the ever got coverage,” Kennedy told GoLocal’s Kate Nagle on Wednesday.
“We ought to think do we want to throw gasoline on the fire,” said Kennedy, of legalizing marijuana in Rhode Island. “We know what’s happened with other addictive substances where’s basically there’s no perception of ‘risk’ — alcohol is ubiquitous; tobacco, until the settlements, there was no appetite for addressing [the impact of that].”
“Going down this road of adding a new intoxicant is not a good thing,” said Kennedy.
Beverly Daniel Tatum, Former Spelman College President
Former president of Spelman College, Beverly Daniel Tatum, Ph.D., is one of the nation’s leading experts on race, and the psychology of race.
Tatum recently released a fully revised and updated edition of her bestselling book “Why Are the Black Kids Sitting Together in the Cafeteria: And Other Conversations About Race.”
In an interview with LIVE, Tatum said it’s important to have conversations about race and listen for opportunities to have natural discussions.
“We can’t solve a problem if we can’t talk about it,” the Brock International Prize in Education winner said.
To make a change, she said, we all have a role to play and each of us has an opportunity.
“We all have a sphere of influence. Everybody influences someone, and we should not be afraid to use that influence to bring about the changes we hope to see,” she said.
Mark Baillie, Top British Security Expert
Terrorism and international relations expert Mark Baillie of King's College in London's War Studies Department spoke with GoLocal's Kate Nagle regarding the post-Manchester landscape in England - and the world.
"The young guy...did it in his mother's basement. Any lone actor can make a powerful bomb," said Baillie following the terrorism incident. "We're in the midst of a general election where politicians talk about there being no political or cultural backlash."
"And estimated 300 people are 'ready to go' - 400 who have been fighting with Isis in Syria -- and in a group of about 20,000 supporters," noted Baillie of the UK landscape, calling Manchester and acts like it the "terrorism of the mundane" -- and much more frightening than "spectacular" acts of terrorism.
Baillie, who runs seminars on a wide range of security matters at King's and at the UK Joint Staff College, has lived or worked in more than 14 countries in the fields of news, security, finance, economics, business and politics and appears widely in international news media on terrorism and international security.
Mark Geragos, Celebrity Attorney
Geragos is one of Hollywood's biggest celebrity lawyers having represented rapper Chris Brown and Michael Jackson over the years. When asked about his relationship with the often legal troubled Brown, Geragos said that the rapper is "like a son and an annuity" to him.
In reference to a lawsuit that he is representing Alex and Ani over, Geragos said, "For lack of a better word, we've got a couple of knuckleheads, [and] it's not at the forefront of anything we're worried about."
"Unfortunately when you become successful people want to take an elevator to the penthouse and that won't happen here, trust me," said Geragos.
Geragos explained how he met Alex and Ani CEO Carolyn Rafaelian - and spoke to how the "company culture" brought him in.
"I was at a charity event at Carolyn's Sakonnet Vineyard -- she was doing a fundraiser for an Armenian orphanage," said Geragos. "They have a unique blend of doing humanitarian work...Carolyn was the hit in New York this week."
Model, entrepreneur and activist Gisele Bündchen, co-anchor of Good Morning America Robin Roberts; and Rafaelian were among the women recognized Tuesday in New York City by the David Lynch Foundation (DLF), a global charitable organization that addresses the epidemic of trauma and toxic stress amongst at-risk populations.
Amazing Regulars
Each week, GoLocal LIVE features an amazing group of experts in Rhode Island and Washington, D.C.
Robert Whitcomb, former Editorial Page Editor of the Providence Journal, now GoLocalProv columnist
Gary Sasse, "The Money Man," an expert on state and federal fiscal policy
Jennifer Lawless, Director of the Women & Politics Institute and Professor of Political Science at American University
Ray Rickman, Former State Representative, Deputy Secretary of State, and Civil Rights Leader
Kristin MacRae, Organizing Expert
Saul Kaplan, Business Innovation Expert
Robin Garceau, Interior Design Expert
