Hasbro, Inc (NASDAQ:HAS) reported a 2% growth in net revenue for the first quarter of 2019. The company made $732.5 million compared to $716.3 million in 2018.
Net earnings for the first quarter were $26.7 million, versus a net loss for the first quarter 2018 of $112.5 million. The company associated that loss with the bad debt associated to the Toys R Us bankruptcy.
The company attributed the growth to investment in digital and e-sport initiatives like Magic: The Gathering Arena along with growth in Magic tabletop revenues. The company said Monopoly also posted revenue gains.
Hasbro Gaming revenue also increased increased 2% to $107.6 million. The company said Duel Masters, Connect 4 and Twister were among the games contributing to revenue growth for the category. Hasbro Gaming revenues increased in the U.S. and Canada and International segments, but declined in the Entertainment, Licensing and Digital segment. Hasbro’s total gaming category increased 20% to $243.4 million.
“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,” said Brian Goldner, Habro’s chairman and CEO.