“Wizards & Digital Gaming is projected to decline nine per cent due to timing of last year’s set releases, but strong demand for the Universes Beyond set for Lord of the Rings should be able to offset any additional weakness in Consumer Products or provide a modest upside opportunity (the June 21 release date for the set likely limited reorder opportunities). “Our recent checks suggest retail inventories have been coming down as expected although there could be some pockets with NERF and board games which continue into 3Q,” Handler wrote. As well, Handler is expecting all three of the company’s revenue segments to drop, with Hasbro’s Consumer Products division expected to see the greatest decline at negative 27 per cent year-over-year. Handler said the company’s Q2 is facing very challenging comps due to last year’s same period benefitting from about $60 million of pulled-forward sales. Ahead of second quarter earnings due later this month, Handler said he’s leaving his estimates unchanged at revenue of $1,102.7 million, which is in-line with the consensus forecast, and EPS of $0.48 per share, which is below the Street’s call at $0.56.
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