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Hasbro the toy giant aquirred Entertainment One (eone) and has announced the first combined results. These have of course been heavily impacted by the covid crisis.
Net revenues for the second quarter 2020 were $860.3m versus $1.2b pro forma revenues in 2019, a decrease of 29%. Hasbro says foreign exchange had a $15.8m negative impact on Q2 revenues, and that a bottom line net loss for the second quarter 2020 was $33.9m versus pro forma net loss of $42.6m in 2019. So not great but still fairly good compared to many sectors.
Good old fashionedgames saw strong growth throughout the period, with gaming revenues up +11% despite temporary store closures and disruption to stock levels.
The growth was led by classic family titles such as Jenga, Connect 4, Battleship, Twister and Mousetrap. Magic:The Gathering, one of Hasbro’s standout gaming titles, experienced an expected decline in Q2, as 2019 had benefited from a major new release.
It shows with more people in lock down or isolation and keeping their distance, there is still a crucial place for classic and traditional games. Alongside the numerous digital and massive online gaming brands and phone addictive games.
Statement from Hasbro
“The global Hasbro team is executing our playbook amidst a dynamic and challenging environment. They are doing so with creativity and agility, identifying new and efficient ways to operate, capitalising on our investments in creating a digital-first orientation while keeping our innovation engines moving and leveraging the expertise of a management team that has led through challenges in the past,” said Brian Goldner, Hasbro’s chairman and chief executive officer.
“The second quarter was much as we expected: strong point of sale for Hasbro brands countered by a very challenging revenue period due to global closures in our supply chain, across retailers as well as in entertainment production. We believe the outlook improves from here. Consumers – children, families, fans and audiences – are relying on Hasbro brands and stories to connect and entertain themselves throughout this period.
While the full-year Covid-19 impact geographically remains unpredictable, as stores reopen and we begin to return to production for entertainment we expect the environment to improve in the third quarter and set us up to execute a good holiday season.”
We would echo those comments hopefully things continue and become more positive across the world. With improving and aids to help reduce and protect many, as too many have been lost to this nasty pandemic. and we cans reflect and take the time to enjoy the simple things and if we are lucky enough to be with people, we should feel very blessed.