Hasbro Inc. (HAS.O) Sales estimates for the first quarter were not met on Tuesday as COVID-19 delays weighed on the toy maker’s film and television production business.
The company has focused on entertainment production for the past several years to drive growth faster than traditional toy sales.
In 2019, the company acquired Entertainment One, the company behind Peppa Pig and the television series “The Walking Dead”, to quickly expand its entertainment capabilities. However, production setbacks and the closure of theaters resulted in a 34% drop in sales in the TV and film businesses.
The Monopoly maker’s net sales rose 1% to $ 1.11 billion in the three months to March 28, but fell short of analysts’ estimates of $ 1.17 billion, according to an IBES estimate by Refinitiv.
Hasbro’s net income was $ 116.2 million, or 84 cents per share, compared to a loss of $ 69.7 million, or 51 cents per share, last year.
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