The development slate is strong, currently with approximately 100 active development projects in television (15 from the Hasbro portfolio) and over 60 projects in the film pipeline (21 from the Hasbro portfolio).

Beginning late in the first quarter, production and delivery of television and film projects for Hasbro's eOne TV and Film business have been delayed, negatively impacting the level and timing of revenues. The eOne team continues to develop new projects and work on animation production which can be done remotely. The team now expects to deliver finished episodes and film projects later in the year than planned.

Global store closures increased toward the end of the first quarter, and are expected to more negatively impact the second quarter results than during the first quarter. Ecomm, continues to be strong, but this strength is not expected to offset declines at physical retail.

Ecomm revenues increased double digits in the first quarter, with meaningful point of sale gains. Mass/Hyper market retailers as well as drug and grocery channels also increased revenues during the quarter.

Hasbro's total gaming category revenues, including MAGIC: THE GATHERING, MONOPOLY and Hasbro Gaming, grew 40% and point of sale was up globally over 25% (note: point of sale does not include Wizards of the Coast brands).

Hasbro brands are resonating as people spend more time at home, including games for families to play together and PLAY-DOH as kids engage in more creative play.

First quarter 2020 net loss included $127.5 million after tax of acquisition-related expenses and $19.9 million after tax of purchased intangible amortization associated with the eOne acquisition. Excluding these items, adjusted net earnings for the first quarter 2020 were $77.7 million, or $0.57 per diluted share.

International Gross Sales by Geographic Area:

Worldwide Gross Sales by Categories:

Supplemental Gross Sales Disclosure

American Girl Segment Gross Sales:

Last month, we closed on a new $5 billion 364-day bank facility, which combined with our existing credit facilities of $12.25 billion, provides us with total credit facility capacity of $17.25 billion

We took proactive and decisive steps during the quarter to further enhance our liquidity position by issuing $6 billion of term debt, which contributed to a cash and cash equivalents balance of $14.3 billion to end the quarter. And a week after the quarter ended, we issued another $925 million in term debt.

Disney+ will begin rolling out in Japan in June, followed by the Nordics, Belgium, Luxembourg and Portugal in September and Latin America will follow towards the end of the year. This robust collection of library and original content available on Disney+ continues to grow, including with Disney’s Frozen 2 and Pixar’s Onward, which were released early as a special offering for families as a shelter at home. Yesterday’s SVOD premier of Episode IX: The Rise of Skywalker and the new behind the scenes documentary about the making of one of Disney+’s most successful series, The Mandalorian, along with the fall premier of National Geographic’s original series, The Right Stuff, based on the book by Tom Wolfe about NASA’s Project Mercury.

As we have said, our company’s top priority and our key to our growth is our direct-to-consumer business. And I am pleased to say that the response to Disney+ in particular has exceeded even our highest expectations. We have been thrilled with the performance of the service since our initial launch in November and we continue to expand into other markets. In late March, as planned and despite COVID-19, we had an incredibly successful launch of Disney+ in Western Europe, followed by a highly successful launch in India. We announced in early April that in just 5 months we have surpassed 50 million subscribers globally, a significant milestone for us. We have been quite pleased with the growth that we have seen in the 4 weeks since then and there is more to come.

On the studio side, we are incredibly excited about our upcoming slate of films. However, with theatres closed and our production shutdown due to COVID-19, we have had to reschedule a number of release dates for tentpole movies. These include Disney’s Mulan for July 24, Marvel’s Black Widow for November 6, Pixar’s Soul on November 20, and 20th Century’s Free Guy set for December 11. As many of your already know, Artemis Fowl, originally slated for a theatrical run, will debut exclusively in Disney+ starting on June 12.

And in light of the lifting of certain restrictions in recent weeks and the successful reopening of our park adjacent retail and food and beverage area, Disneytown, we and our government partners, Shanghai Shendi Group, plan to open Shanghai Disneyland on May 11. We will take a phased approach with limits on attendance using an advanced reservation and entry system, controlled guest density using social distancing and strict government required health and prevention procedures. These include the use of masks, temperature screenings and other contact tracing and early detection systems.

CEO Brian Goldner said that the company is witnessing robust games business as people are spending time together. New product launches, strategic partnerships, strong product lineup and increased focus on gaming are expected to have aided the company’s performance in the quarter to be reported.

As we move forward, we expect to continue to give precedence to locations that expand consumer accessibility to our brand, with priority given to locations where today's families choose to go for shopping and entertainment. This diversification plan is inclusive of adding locations within select Wal-Mart stores, as well as opportunistic tourist locations such as the store we recently opened at Knotts Berry Farm on [technical difficulty] long-term and seasonal basis.

While we had planned to share annual guidance for fiscal 2020 on today's call that outlined ranges of expected growth in both total revenues and pre-tax profit, given the uncertainty and rapidly changing coronavirus situation, we believe it is prudent to refrain from providing detailed guidance at this time.

We expect to begin to deliver content into the marketplace later this year.

Separately, we currently have a number of entertainment offerings in the pipeline for 2020 and beyond. These efforts include expansion of our programming on Build-A-Bear Radio, which recently shifted to the iHeart platform, movies with Sony Picture Worldwide Acquisitions and music with Warner Music Group's Arts Division, among other exciting opportunities.

Now let me turn to our efforts to monetize the inherent value of our brand and owned intellectual properties. With the high levels of awareness and trust that consumers have for Build-A-Bear, we've recognized the opportunity to offer products in other consumer categories. In 2019, our licensing programs centered on toys, soft lines and gifting with agreements covering over 20 categories. Notably, our branded licensed products were offered in over 7,000 retail doors throughout the year.

As noted, sales from third-party retail that are reported in our commercial revenues reflect wholesale pricing to select roster partners. These include Carnival Cruise Lines, Great Wolf Lodge, Landry's and Beaches Resorts. We're also working with several other companies that are on the early stages of testing, including military bases, Chuck E Cheese and Marriott Resorts. We finished 2019 with 60 third-party locations, an increase of 50% compared to the prior year-end.

We have also been improving our retail productivity by operating in smaller spaces, leveraging the variety of store formats that we've created, which allows us to effectively deliver our interactive retail experience in a wide range of settings, square footage requirements and time spans. In fiscal 2020, we expect to have less total square footage, but higher sales per square foot in our corporately managed portfolio as we had in 2019. I think it is also worth noting that we expect to have about half of all of our stores in our updated discovery format by the end of this year.

We have set an aggressive timeline to implement the platform and expect to have an expanded portfolio of capabilities by the time we go into the holiday season for 2020. While the team is already at work with Salesforce implementation, we expect to continue to deliver growth in e-commerce by offering innovative gifting solutions, leveraging our consumer data to increase guest retention and lifetime value, and expanding our aggressive shift to digital marketing channels to drive traffic both online and in stores.

This has included updating an aged IT infrastructure and adding capabilities in a systematic and sequential process. For example, most recently we completed an upgrade to our warehouse management system that is intended to improve efficiency and add new competencies. Dovetailing in to these infrastructure investments is our announcement this morning, recognizing an expanded relationship with Salesforce as our digital and e-commerce platform partner. Salesforce's integrated consumer relationship management platform unites marketing, sales, commerce, service and more to give companies a single shared view of their customers.

accelerating our digital initiatives and further expanding e-commerce; leveraging our corporately managed retail portfolio while maintaining high levels of lease optionality; driving our commercial revenues, including third-party retail, outbound licensing and entertainment; and focusing on expense management and margin optimization.

Our aggressive shift to increase digital marketing that not only drove e-commerce, but also benefited our retail store base and ultimately contributed to delivering an improved return on ad spend, an increase in bonus club activation with targeted communications, using updated segmentation models and improving efficiency and message rebel relevance, a focus on gift card sales touting the gift of experience in our store, online and in other non Build-A-Bear retail channels, which ultimately contributed to increased redemption levels post-holiday.

These results were positively impact by -- impacted by our ninth consecutive quarter of double-digit e-commerce growth

In terms of movies going ahead after Artemis, there may be a few more that we end up putting directly onto Disney+, but for the most part a lot of the big tentpole Disney films, we’ll simply wait for slots. In some cases we’ve announced new ones already, but later on in the calendar.

“What we are seeing is clearly people are all together, they’re spending time together and our games business is quite robust. Clearly, people know our games brands such as Monopoly, Game of Life and Operation,” Goldner said on The First Trade.“Play-doh products as kids are looking for creativity and parents are looking to educate their kids and develop milestones, clearly another area of growth for us,” continued Goldner.

Our product development teams are being tremendously productive using all of the technology and tools available to them, and they continue to work collaboratively with their teams as well as with all of our partners. At this time, we don’t anticipate any impact on our product development since factories have continued to ramp production after being closed at the start of the year, and are very close to being be back to planned capacity.

Goldner said demand for Hasbro’s games, such as Monopoly and Operation, and Play-Doh have been particularly strong. He said the company is also planning new products in response to the widespread “stay-at-home” directives being issued across the country. 

“Our first quarter has been quite good,” Goldner told CNBC on Monday. “We may miss some shipments as we’re catching up, as production is catching up. We believe that by April our production will be fully caught up.” 

Almost nobody recognizes Chapman on the street but nearly any preschooler or school-age parent has likely seen his work. Now in its fifth season on Viacom Inc.’s Nickelodeon and Nick Jr., Paw Patrol is the most-watched television show for preschoolers this year, according to Nielsen, and Viacom estimates the show has generated about $7 billion in global retail sales. In the fourth quarter of last year, the research firm NPD Group found, Paw Patrol got the largest share of U.S. licensed merchandise sales from kids under 15, topping the NFL and Disney’s Frozen, Mickey Mouse and Star Wars