Hasbro reports third-quarter results

Hasbro reported a 15% drop in revenue for the third quarter, while the company’s operating profit also fell 47%. According to the company itself, revenue was negatively affected by changes in the calendars of various items: retailer orders placed to avoid problems in the supply chain, the launch of entertainment content and changes in the release of new products. Magic: The Gathering. In this context, Hasbro CEO Chris Cox noted that, as expected, the third quarter was the most complex, and also suffered from the impact of the price increase for the average consumer. In order to meet our annual target, we expect nearly flat revenue in the fourth quarter compared to the prior year. Growth will drive what we expect to be one of the best final quarters of the year for Magic: The Gathering, coinciding with the start of the franchise’s 30th anniversary celebrations.

According to data published by Hasbri, the company cut revenue in its three main segments, including -10% in consumer products, -16% in Wizards of the Coast and digital games, and a 34% drop in entertainment. Looking at the coming months and the outlook for 2023, Chris Cox noted that Hasbro is well positioned for growth in 2023 and beyond, with the implementation of our new strategic plan focused on bigger franchises, stronger profits and consumer-centric leadership.