Toys 'R' Us Liquidation Crimps Hasbro’s Growth, Overhang Should Last at Least Another Quarter
While we expected top-line pressure from the liquidation of Toys 'R' Us, our mid-single-digit decline forecast for the first quarter was significantly better than the 16% shortfall narrow-moat Hasbro experienced. Sales pressure, in turn, weighed on expense ratios, taking first quarter-adjusted operating margin to 1.7% (from 8% in the year prior). Unfortunately, given the slow cadence of TRU store closures, we anticipate that the sales and margin hangover will persist throughout the second quarte...Hasbro is a global play and entertainment company. The company's segments are: United States and Canada, which includes the marketing and selling of action figures, electronic toys and related electronic interactive products, among others, primarily within the United States and Canada; International, which markets and sells both toy and game products primarily in the European, Asia Pacific, and Latin and South American regions; Entertainment, Licensing and Digital, which includes consumer products licensing, digital gaming, movie and television entertainment operations; and Global Operations, which sources finished products for the company's United States and Canada and International segments.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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