Toys 'R' Us Liquidation Creates Near-Term Headwind for Mattel and Hasbro, Long-Term Thesis Intact
Toys 'R' Us, or TRU, recently announced its liquidation in the U.S., and we’ve taken steps to adjust our 2018 top- and bottom-line estimates for Mattel and Hasbro. While the closure of a major partner is unfavorable, we don’t believe this change impacts our long-term thesis or narrow moat ratings for either Mattel or Hasbro, given the decreasing reliance each has had on this channel since the retailer’s Chapter 11 filing in September (representing a high-single-digit percent of sales in fiscal 2...Mattel is a global children's entertainment company that engages in the design and production of toys and consumer products. The company's portfolio of owned and licensed brands and products are organized into the following categories: Dolls, which include brands such as Barbie, American Girl, Enchantimals, and Polly Pocket; Infant, Toddler, and Preschool, which include brands such as Fisher-Price and Thomas & Friends, Power Wheels, Fireman Sam, and Shimmer and Shine (Nickelodeon); Vehicles, which include brands such as Hot Wheels, Matchbox, CARS (Disney Pixar), and Jurassic World (NBCUniversal); Action Figures, Building Sets, and Games, which include brands such as MEGA, UNO and WWE.
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