1 Factor Took Hasbro From Profit to Loss. Hint: It Wasn't Coronavirus.
There were a lot of moving parts in Hasbro's (NASDAQ: HAS) first-quarter financial report, and at a glance, the results weren't that appealing. The company reported revenue of $1.11 billion, a decline of about 8% compared to the prior-year quarter. This wasn't too surprising, considering the worldwide pandemic and the widespread closure of non-essential retail establishments -- like toy stores. The hit to the bottom line was even greater, generating a net loss of $69.6 million -- down from a profit of $76.4 million in the year-ago quarter.
However, much like the company's Transformers, there was more than meets the eye to this earnings report, requiring investors to dig a little deeper into the results to get the full picture. Let's dive in to see why the headline numbers were somewhat deceiving.
Image source: Hasbro.
Source Fool.com
