Hasbro: sales decline less than expected in Q2

(CercleFinance.com) - Hasbro's second-quarter sales fell less sharply than expected, an encouraging performance that has led the toymaker to raise its annual targets.


Due to the disposal of the eOne audiovisual studio, Hasbro's sales fell by 18% to $995.3 million in the quarter, exceeding the consensus figure of $945 million.

Income from consumer products - which are in the midst of a turnaround - fell by 20%, but the Pawtucket (Rhode Island)-based group was able to count on buoyant worldwide sales of its 'Wizards of the Coast' card game division and its digital titles, which climbed by 20%.

Group share of net profit came to $138.5 million, compared with a loss of $235 million a year earlier.

On a per-share basis, profit came to $0.99, well above the consensus figure of $0.78.

For 2024, the Group now expects only a decline of between 7% and 11% in revenues from its consumer products, with adjusted Ebitda now forecast at between $975 million and $1,025 million.

The share price of the number-two American toy manufacturer behind Mattel jumped by more than 9% in pre-market trading in the wake of this publication.

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