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Hasbro expects virus to hit second-quarter earnings, but will be prepared for holiday season

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Hasbro reported its first-quarter earnings Wednesday, telling investors that it has a solid financial footing and is cutting costs as it prepares to meet the seasonal demand that comes in the second half of the year.

Hasbro said Wednesday it expects its second quarter to take a hit from the coronavirus pandemic, but it expects to be ready for the holiday season.

The coronavirus pandemic has led to store closures due to country-wide restrictions on social interactions as well as global production shutdowns. Hasbro noted that it ended the first quarter with $1.2 billion in cash and has a revolving credit facility of $1.5 billion available, should it be needed.

The company swung to a net loss of $69.6 million, or 51 cents a share, from net income of $26.7 million, or 21 cents a share, in the year-ago period.

 

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If they import from China they deserve to go bankrupt. Stop funding the enemy.

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