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Hasbro blames Toys R Us for sales decline

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Officials with toymaker Hasbro Inc. blamed the Toys R Us bankruptcy for declining sales and profits.

The company reported a net loss of $112.5 million, compared with earnings of $68.6 million a year earlier. Revenue dropped 16 percent to $716.3 million.

"We are working to put the near-term disruption from Toys R Us behind us," Hasbro CEO Brian Goldner said. "Our global retailers view this as an opportunity in a key consumer category and are partnering with Hasbro to develop growth plans for our brands."

Read more from Reuters.

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