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Hasbro Sales Down 20% From Year Before - Reduces 2024 Outlook

We already heard about the layoffs last year, unfortunately Santa wasn't good to Hasbro this holiday season with a 20% drop in sales from the same time in 2022. The report today is even more grim than before, as stated on CNBC:

For the last three months of 2023, Hasbro lost $1.06 billion, or $7.64 per share, drastically wider than losses of $128.9 million, or 93 cents, a year earlier. After major adjustments related to goodwill and intangible assets, the company reported adjusted earnings per share of 38 cents, still well below analyst estimates.

Hasbro Sales Down 20% From Year Before Reduces 2024 Outlook

What's easy to forget is there was a huge increase in retail sales over the pandemic in 2021 and into 2022, that is now subsiding as fans are cutting back on spending due to inflation and other factors such as the Writers Strike. As stated by Hasbro:

“Guided by our strategy of “Fewer, Bigger, Better,” we had important wins across both toys and games while making progress in our transformation during a challenging 2023. Despite the macroeconomic backdrop, we are entering 2024 with a healthier balance sheet, a leaner cost structure, and a diverse portfolio of industry-leading toy and game brands that support our capacity to invest in the business and maintain our commitment to returning cash to shareholders via our category-leading dividend,” said Chris Cocks, Hasbro chief executive officer. “Our refreshed leadership team is bringing innovative new products to our fans. At the same time, we are taking the necessary actions to transform Hasbro and deliver long-term profitable growth starting with driving significant profit growth across our segments in 2024 and building momentum in our innovation pipeline between now and 2025.”

"2023 was a productive year for Hasbro, although not without some challenges." said Gina Goetter, Hasbro chief financial officer. “As we navigated the current environment, we took aggressive steps to optimize our inventory, reset the cost structure, and sharpen our portfolio focus on play with the eOne film and TV divestiture. Taken together, the actions throughout the full year have positioned the company for improved financial performance in 2024 and beyond. We are encouraged by our recent progress and remain laser focused on execution to deliver on our transformation objectives.”

For Transformers, the elephant in the room is the 7th Transformers movie, Rise Of The Beasts movie. The lowest performing movie in the franchise, did not even recoup its investment. Moreover, the movie seems to have had the opposite effect of attracting new fans, by driving off old ones. With the Pop Culture revival pushing hard for 15 years, it was going to run out of steam at some point, and I think we can see Disney and others studios struggling to get attention for their "retro" properties. That said, whatever comes next will need new products and Hasbro will be there to make them.

Hasbro will likely make more cuts to reduce operating costs by $750 million, even more than the $350 million as previously stated, as they navigate the coming year into 2025. Read the full repost on Hasbro's Earnings for more details at

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