April 29, 2020 / 10:20 AM / a month ago

Hasbro expects hit to second-quarter results from coronavirus lockdowns

April 29 (Reuters) - Hasbro Inc said on Wednesday it expected second-quarter adjusted revenue and earnings to fall, as sales of its toys and games take a hit from global lockdowns to contain the spread of the COVID 19 pandemic.

The company swung to a loss of $69.6 million, or 51 cents per share, in the first quarter ended March 29, compared with a profit of $26.7 million, or 21 cents per share, a year earlier, due to expenses tied to its $4 billion Entertainment One acquisition.

Net revenue rose to $1.11 billion from $732.5 million. (Reporting by Uday Sampath in Bengaluru; Editing by Anil D’Silva)

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