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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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Member Comments

Last 10 comments - ( Read All Posts )
LedBlimp 2024-02-13 @ 4:35 pm

Probably down because of all the crappy rise of the beasts merchandise.  The main lines were really lacking content last year as a result.

TECHTRON 2023-12-12 @ 8:20 pm

I agree with everything that you said and I am sure everyone else does as well.

Decepticats 2023-12-12 @ 4:30 pm

There are many factors as to why Hasbro has found themselves on the verge of bankruptcy. First, they spent too much time and resources on older fans and neglecting younger ones. Then, there's the whole entertainment debacle,  whether it's the Disney disaster, or Hasbro entertainment, both have missed the mark, with some estimating only 8-15% of the audience for the films these toys are based off of, are in that 7-12 age range.

It's true, kids attentions are diverted more than ever now, with smart phones and the like, but to blame all of their failings on this one truth, is intellectually dishonest. 

Whether you agree or disagree with its "values," the whole woke thing is extremely unpopular and devisive. Many are referring to it as a "new religion," because it's that dogmatic. And Hasbro has been pushing this agenda hard, which has not gone unnoticed by many toy buyers.

The increased toy prices coupled with dreadful plastic and qc has angered many. Then you have a company that makes most it's money from plastic toys, virtue signaling by discontining the plastic windows and having some tf's open to air while others are completely hidden away inside a box. 

These are just a few of Hasbro's problems. But the fact those at the top of this company where either unaware, or worse, believed any of these things where good ideas, tells me this company is in worse trouble than we know, and, most likely, won't be around much longer.

All of this could have been avoided if the people running Hasbro hadn't been so short-sighted and sanctimonious, instead of just making the toys people wanted. People can exist without toy companies, but toy companies can't exist without people. It seems Hasbro forgot this.

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