Hasbro: Q4 misses consensus, share falls

(CercleFinance.com) - On Tuesday, toy manufacturer Hasbro announced results for the fourth quarter that fell well short of expectations, and expressed caution regarding 2024.


The US group's sales fell 23% over Q4, leading to an operating loss of nearly $1.2bn, taking into account asset write-downs and inventory provisions.

At $0.38 per share, adjusted EPS was well below the consensus of $0.66.

For 2024, Hasbro says it expects a 7% to 12% drop in sales of its core consumer toy business.

However, the company says it is starting 2024 with a healthier balance sheet and a leaner cost structure, which should enable it to improve its financial performance in 2024.

Hasbro now says it is targeting savings of $750m a year to end-2025, compared with $350m-400m to date.

In pre-market trading, the stock was down over 10% on Tuesday morning following this publication and could well be in for a rough ride today.


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