Difficult Market Environment More Than Offsets Stable Market Share at Hasbro; Shares Fairly Valued
Hasbro’s fourth-quarter sales performance fell short of expectations, declining 2% versus our estimate for a 7% rise and 4%-7% guidance the team offered in October. However, we view these results as decent given that toy industry sales turned negative in the holiday season, with NPD reporting 2017 industry sales that rose just 1%. In 2017, Hasbro’s sales increased 4%, implying full-year share gains, which we believe are a function of the firm’s ongoing investment in its franchise and partner bra...
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