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    Home ยป Hasbro’s Fourth Quarter Results Fall Below Estimates, Predicts Decline in Toy Sales for 2024
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    Hasbro’s Fourth Quarter Results Fall Below Estimates, Predicts Decline in Toy Sales for 2024

    February 13, 20242 Mins Read
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    Shares of Hasbro experienced a significant drop on Tuesday morning as the toymaker reported results for the fourth quarter that fell short of estimates. Furthermore, the company has projected a decline in toy sales for the year 2024.

    The stock has plunged 14% to $44.05 during pre-market trading, while remaining relatively stable since the beginning of the year.

    Based in Pawtucket, R.I., Hasbro revealed on Tuesday morning that it anticipates a 7% to 12% decrease in revenue for its consumer products segment. This decline is partially attributed to a shift towards an out-license model, which accounts for four points of the projected downturn. Consumer products typically make up more than half of Hasbro’s total revenue.

    In 2023, Hasbro experienced a 15% decrease in sales, with revenue amounting to $5 billion. According to analysts surveyed by FactSet, the company is expected to generate $4.77 billion in revenue for the year 2024, representing a decline of 4.6%.

    Hasbro has also predicted a decrease of 3% to 5% in revenue from its Wizards of the Coast segment. This decline will primarily be driven by comparisons to licensed digital gaming in the second half of the year. Notably, Wizards of the Coast and digital gaming were the only segments that saw growth in 2023, with sales increasing by 10% compared to the previous year.

    During the fourth quarter, which spans the crucial holiday period, Hasbro witnessed a 23% decrease in sales. Both revenue and adjusted profit failed to meet analysts’ expectations.

    The company reported a loss of over $1 billion in the fourth quarter ending on December 31, largely due to a significant goodwill and asset impairment charge. This charge is closely tied to Hasbro’s recent divestment of its eOne film and television business.

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