Hasbro Inc. has contingency plans in place following retailer Toys R Us' bankruptcy filing and planned store closures, CNBC reported Feb. 7, citing a conference call with Hasbro CEO Brian Goldner.
The U.S. toy maker reportedly has depended on Toys R Us to sell its products, with the latter accounting for 14% of Hasbro's sales in the U.S. and Canada in 2016.
"We estimate less than half the stores in their announced closures directly affect our initial plans," Goldner was quoted as saying, adding that the company continues to grow its revenue beyond Toys R Us, with expansions in global markets like Russia and China.
The report added that Hasbro expects to "right-size" its business with Toys R Us in 2018.
Hasbro released its earnings results on the same day, declaring an increased quarterly cash dividend of 63 cents and a net loss of $5.3 million, or 4 cents per share, for the fourth quarter ended Dec. 31, 2017.
