When Toys R Us filed for bankruptcy protection, investors were worried that this would have a negative impact on toy dealers such as Hasbro, and their concerns are now confirmed.

On Monday, Hasbro released its third-quarter earnings, with revenue up 7% year-on-year to $1.79 billion, higher than analysts' forecast of $1.78 billion. However, Hasbro’s expectations for the fourth quarter are not high: “Based on our new assessment of Toys R Us and certain market outlooks, our forecast for the fourth quarter is updated to be compared to the fourth quarter of 2016. Rose 4%-7%.

Toys R Us is the second largest customer of Hasbro, and its business accounts for around 9% of Hasbro sales. Toys R Us’s filing for bankruptcy protection not only allowed Hasbro to suspend shipments for a while, but also brought uncertainty to the upcoming shopping season. For example, Toys R Us can’t digest as much as in the past. toy.

The Hasbro's new performance forecast means that in the fourth quarter, which is most important for toy makers, Hasbro's revenue is about $17 to $7.44 billion, which is lower than Wall Street's expected 1.82 billion. Hasbro's share price subsequently fell by 9%, and not only that, but rival Mattel's share price fell by 4%.

While acknowledging the negative impact of Toys R Us, Hasbro CEO Brian Goldner has consistently emphasized that they have continued to expand sales channels before, and e-commerce, grocery stores, pharmacies, etc. have become important sales points. In particular, the growth of e-commerce channels is faster than offline. “Even if we (the Toys R Us) supply is lower than expected, as I said before, we think we have the opportunity to spread the inventory to a large number of places on the market.”

In addition, Brian Goldner also believes that according to the current implementation status, the impact of Toys R Us will basically be limited to this year. "As far as we are concerned, we do not think that (the next year) will be seriously affected."

In any case, Hasbro's performance in the third quarter looks good. Their revenue growth in the US & Canada market and the international market was 7%, and the Asia-Pacific market in which the Chinese market is located increased by 17% year-on-year. However, although the Chinese market performed well, Hasbro did not give specific data.

The Gaming product, which accounts for about 15% of revenue, had the best business in the quarter, with revenue up 22% year-on-year. In addition to the traditional products such as Monopoly and Magic, SPEAK OUT and other new games that are popular with social media are also selling well.

However, Nintendo's "Monster Watch", DreamWorks "Magic Elf" and other related authorized toys sold in the absence of film and television works this year, resulting in a decline in Hasbro's "Partner Brands" category of revenue 2%.

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