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Chief Executive Chris Cocks expects declines in sales of its toys to be concentrated in the first half of the year, with stabilizing sales in the third quarter and growth in next year's holiday season.
“The competition is for the mind space and how much time kids are spending on social media and streaming games.”
Hasbro may be seeing digital growth via its gaming business, but as consumers buy fewer nice-to-have products, the toys and games company continues to struggle.
Shares of toymaker Hasbro (HAS) are falling on Tuesday after posting its fourth-quarter earnings, missing out on expectations, with $1.29 billion in revenue versus an expected $1.36 billion. In addition, the company posted its full-year 2024 guidance, predicting its consumer products segment revenue to decline by 7-12% with an operating margin of 4-6%, disappointing investors.
Hasbro (HAS) Q4 2023 Earnings Call Transcript
Hasbro's (HAS) fourth-quarter 2023 results reflect the tepid performance of the Consumer Products and Entertainment segments, partially offset by growth in the Wizards of the Coast and Digital Gaming segment.
Hasbro executives tried to put a positive spin on their 2023 results, released today, saying steep revenue declines reflect costs associated with its efforts to transform itself into a leaner, more focused, and more profitable toy company.
While the top- and bottom-line numbers for Hasbro (HAS) give a sense of how the business performed in the quarter ended December 2023, it could be worth looking at how some of its key metrics compare to Wall Street estimates and year-ago values.
Hasbro now expects to cut $750 million in costs by the end of 2025, up from a previous target of $350 million to $400 million.
The toy maker expects 2024 adjusted earnings at $1 billion or less, short of Wall Street's expectations.