Page 24 - ARUBA TODAY

Tuesday 25 July 2017 BUSINESS
A24

Hasbro profit rises, but revenue misses expectations

PAWTUCKET, R.I. (AP) — Toy they were “undeterred” by share, in the three months
maker Hasbro said its sec- Hasbro’s stock drop Mon- ending July 2. That com-
ond-quarter profit jumped day, and said they expect pares with $52.1 million, or
30 percent, thanks to rising the company’s earnings to 41 cents per share, in the
sales of Transformers ac- grow in the next couple of same quarter a year ago.
tion figures and Monopoly years. Hasbro said its Mag- Those results topped Wall
board games. But its reve- ic card games and Nerf Street expectations, with
nue was slightly lower than blasters also performed the average estimate of
what Wall Street analysts well, while demand for Su- five analysts surveyed by
expected, and it reported per Soaker water guns and Zacks Investment Research
weaker demand for Easy- Baby Alive dolls were weak- for earnings of 46 cents per
Bake ovens and Playskool er. It expects to sell more share.
toys and softer sales in two toys later this year when a Although overall interna-
international markets. My Little Pony movie and tional revenue rose 6 per-
Shares of Hasbro Inc. tum- the latest “Star Wars” film cent, Hasbro said sales in
The Monopoly Ultimate Banking Game from Hasbro is displayed bled 10 percent to $104.26 are released. the U.K. and Brazil were
at Toy Fair in New York. On Monday, July 24, 2017, toy maker in afternoon trading Mon- The Pawtucket, Rhode soft due to economic con-
Hasbro said its second-quarter profit jumped 30 percent, thanks day, but are still up about Island-based company re- ditions in those countries.
to rising sales of Transformers action figures and Monopoly 34 percent so far this year. ported net income of $67.7 Revenue in the U.S. and
board games.
(AP Photo/Mark Lennihan) Analysts at Jefferies said million, or 53 cents per Canada rose 16 percent.q

Sports retailer stocks fall as Hibbett posts gloomy outlook

NEW YORK (AP) — More Shares of its competitors, stores after filing for bank- than 70 years ago, didn’t visited its stores, CEO Jeff
bad news for sporting such as Foot Locker and ruptcy protection. And one launch an e-commerce Rosenthal said in a March
goods retailers: Hibbett, a Dick’s Sporting Goods, also major sneaker maker, Nike website until Monday. It conference call.
chain with more than 1,000 fell. Inc., announced last month was especially hurt in De- Analysts at Stifel said they
stores, said it expects a key Many traditional retailers that it is looking to sidestep cember when other retail- were glad Hibbett was fi-
sales figure to fall due to a have been hurt as more traditional stores and sell ers were offering holiday- nally selling goods online
“challenging” retail envi- people chose to shop on- more of its goods directly related online discounts for of the back-to-school
ronment. line, including those that sell to customers online. during what is known as shopping season. “We ex-
Hibbett’s stock plummeted sneakers, athletic clothing Hibbett has totally missed “cyber week.” The compa- pect e-commerce will be
30 percent Monday morn- and other gear. Sports Au- out on the move to online ny saw a “dramatic drop” an immediate benefit to
ing to an eight-year low thority went out of business shopping. The company, in revenue during the revenue,” the analysts said
after the announcement. last year, closing all its 460 which was founded more month and fewer people in a note Monday.q

US home sales fell over June;

buyers can’t find any homes

By JOSH BOAK meowners.
AP Economics Writer Sales levels have improved
WASHINGTON (AP) — a mere 0.7 percent over the
Homebuyers faced surging past 12 months. The mod-
prices and a shrinking num- est gains come despite sol-
ber of properties for sale in id levels of hiring that have
June — causing the pace pushed the unemployment
of sales to fall. rate to a healthy 4.4 per-
Sales of existing homes cent, a level that in the past
slipped 1.8 percent last would have helped to fuel
month to a seasonally ad- further sales growth. Svenja
justed annual rate of 5.52 Gudell, chief economist at
million, the National Associ- the real estate firm Zillow,
ation of Realtors said Mon- said that the lack of sales
day. The decline speaks to listings may be bordering
a troubling cycle for a U.S. on a “crisis.”
housing market hampered “There are about as many
by a worsening shortage of homes for sale now as
properties to buy. Despite there were in 1994, except
solid demand in a relatively there are about 63 million
healthy economy for hous- more people in this coun-
es, sales listings have been try now than there were
steadily declining for more then,” Guddell said.
than two years. The result- Many would-be homebuy-
ing shortage has caused ers are unable to find prop-
prices to consistently rise erties to purchase.
faster than wage gains, The number of sales listings
making it harder for more has been falling on an an-
Americans to build up their nual basis for the past 25
net worth by becoming ho- months. q