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Hasbro Q4 Earnings Call - Focus on Blueprint 2.0, Direct to Consumer, Licensing in 2023

Hasbro held their quarterly earnings call today reporting on their performance for the last 3 months of 2022, and plans for the future. A lot of the focus was on the impact the pandemic had on sales how Hasbro is preparing to roll out their Blueprint 2.0 program focused on major brands, including Transformers. Their report says they are "continuing to grow" and have been organizing their employees and talking about their efforts to expand into digital and entertainment, CEO Chris Cocks:

As we announced previously, our fourth quarter and full-year 2022 results came in below our expectations, Despite this, we delivered our first billion-dollar brand in MAGIC: THE GATHERING and another record year at Wizards of the Coast and Digital Gaming, we grew key investment areas including licensing and direct to consumer, and we improved adjusted operating profit margin. We also reduced owned and retail inventory levels from the third quarter peak and we are working to reduce them further this year. Only a few months in, we have made meaningful progress in implementing Blueprint 2.0 with a heightened focus on innovation, data driven investment in key brands and disciplined cost management.

Otherwise, it has been a challenging year with sales down 14% due to a number of issues with shipping and fulfillment of consumer product to retail stores. Hopefully, this is turning around by now as we've all seen more inventory in stores recently.

Full-year revenues of $5.86 billion were down 9% year-over-year, a decline of 6% on a constant currency basis. Operating profit of $407.7 million, or 7.0% operating profit margin, and adjusted operating profit of $922.5 million, or 15.8% adjusted operating profit margin.

Fourth quarter revenues of $1.68 billion, down 17% year-over-year, a decline of 14% on a constant currency basis. Operating loss of $125.7 million, or -7.5% operating profit margin, and adjusted operating profit of $269.2 million, or 16.0% adjusted operating profit margin.

The outlook for 2023 is positive with the focus on Blueprint 2.0 focused on fewer, bigger brands to connect and engage fans with major properties including: MAGIC: THE GATHERING, DUNGEONS & DRAGONS, NERF, PEPPA PIG, PLAY-DOH, HASBRO GAMING and TRANSFORMERS. This includes more promotions around Action Figures & Accessories, Arts & Crafts, Games, Outdoor & Sports, and Preschool Toys. They also plan to improve their direct to consumer and licensing opportunities. Check out the full presentation and more for the full Q2 2020 details at Hasbro Corporate Hasbro Corporate

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Member Comments

Last 10 comments - ( Read All Posts )
TurdFerguson 2023-02-16 @ 10:47 pm

They might also want to take in to account the awful quality control, extreme cost cutting measures, and the asinine price hikes for hollow, unpainted, and broken figures.

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