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Business

Hasbro still feels sting from playing games & # 39; R & # 39; Us Business




Hasbro
Inc.

HAS -5.25%

continued to fight in the aftermarket of toy "R" Us deaths, as liquidation sales dampened the demand for orders and found new places for the lost business complications.

Producer of monopoly games and Nerf blasters showed a decline of 12% in the third quarter, referring to the loss of Toys "R" Us operations and related ripple effects.

One of the challenges is finding outlets for selling toys. Dealers like

Target
Corp.

and

Walmart
Inc.

expands the floor space dedicated to selling toys for the upcoming holiday season, and other new chains like Party City's temporary Toy City win for the former Toys "R" Us business. Several smaller, independent toy stores carry more common products.

But this new retail landscape has a disadvantage. Instead of sending large amounts of toys to play "R" Us, Hasbro says the broader footprint means that it should send smaller amounts to several places. While toys "R" Us make the warehouses and backrooms deep with inventory well before Christmas, the new dealers will have the games closer to holidays.

Business is undergoing another major shift ̵[ads1]1; for e-commerce. How did we get here? Photo: Associated Press

"We are working on a wider range of dealers who have differentiated shipping needs," said Brian Goldner from Hasbro. He added that Hasbro tries to get dealers to commit to carrying more toys.

Hasbro, headquartered in Pawtucket, RI, said that it was unable to send out all orders that came in the third quarter, with approx. $ 50 million in toys sent in the first week of October. It plans to build a new warehouse in Midwest USA next year to cut down delivery times and distances and better meet demand.

Hasbro also plans global restructuring as it adapts to the new environment, which includes more toy sales that move online. It causes a major disruption of the order as well, since internet sellers tend to buy smaller quantities and rarer than stores. Hasbro puts as much as 10% of its global workforce at 5,400, which will yield up to $ 60 million in restructuring costs and $ 40 million in annual savings.

Total revenue fell about 7% in the US and Canada, where Hasbro said it was able to recover about a third of the lost Toys "R" Us business. The decline was steeper abroad, with revenues falling 24%, driven by a sharp decline in Europe where dealers continue to sell their existing Hasbro stock.

In total, Hasbro's earnings fell 0.6% to $ 263.9 million, or $ 2.06 per share. On an adjusted basis, revenue of $ 1.93 dropped from $ 2.09.

Mr. Goldner said that the disturbance resulting from Toys "R" Us's deaths is expected to last for a few quarters.

In early trading, Hasbro shares dropped 5.5% to $ 92.66. Shares of

Mattel
Inc.,

who reports income on Thursday fell 1.6% to $ 14.

Write to Paul Ziobro at Paul.Ziobro@wsj.com



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