Hasbro CEO says 'delivered a good start to the year'
"The global Hasbro team is executing very well and delivered a good start to the year," said Brian Goldner, Hasbro's chairman and CEO. "Our long-term investments in new platforms provided a meaningful contribution from our digital and e-sports initiative, Magic: The Gathering Arena, as well as growth in MAGIC: THE GATHERING tabletop revenues. In addition, MONOPOLY, PLAY-DOH and TRANSFORMERS were among the brands posting revenue gains this quarter. We are beginning to see improvement in our commercial markets, notably in the U.S. and Europe, and operating profit was driven by high margin revenue growth and our cost savings activities. With most of the year ahead of us, we remain on track to deliver profitable growth for the full-year 2019." "In addition to executing on the top-line, our team remains focused on implementing the cost savings initiatives we announced last year," said Deborah Thomas, Hasbro's CFO. "We continue to expect full-year net cost savings of $50-$55 million, as we announced in February. Our balance sheet is strong and we continue investing in areas intended to drive long-term profitable growth."