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☆ Hasbro CEO: Toys will always be an important part of our business
▼ + stars: | 2024-05-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailHasbro CEO: Toys will always be an important part of our businessHasbro CEO Chris Cocks joins 'Money Movers' to discuss Hasbro's recent strategic turnaround and what's clicking for the company.

Persons: Chris Cocks Organizations: Hasbro

☆ Hasbro cuts revenue view, joins Mattel to warn of cloudy holiday quarter
▼ + stars: | 2023-10-26 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

REUTERS/Andrew Kelly/File photo Acquire Licensing RightsOct 26 (Reuters) - Hasbro (HAS.O) cut its annual revenue forecast for the second time this year on weak toy demand and joined Barbie-maker Mattel to warn of choppy holiday-quarter sales, sending its shares down 12% before the bell. The Monopoly maker expects 2023 revenue to tumble 13% to 15% compared to a prior forecast of a 3% to 6% decline. Its third-quarter revenue and profit also missed market expectations, with revenue from its core toy business dropping 18% as shoppers cut back on non-essential spending. Hasbro saw a 40% surge in digital and licensed gaming revenue on strong demand for its "Monopoly Go" and "Baldur's Gate III" games. Analysts have warned that uncertain holiday spend and softer toy demand could prompt retailers to keep supply tight and offer steep discounts to avoid a pile-up like last year.

Persons: FAO Schwarz, Andrew Kelly, Barbie, Chris Cocks, James Zahn, Savyata Mishra, Arun Koyyur Organizations: Hasbro, Inc, FAO, REUTERS, Mattel, Consumer Products, Thomson Locations: Manhattan , New York City, U.S, Bengaluru

☆ Hasbro, Mattel shares plunge as toymakers forecast a lackluster holiday season
▼ + stars: | 2023-10-26 | by ( Drew Richardson | ) www.cnbc.com time to read: +2 min

Shares of Hasbro and Mattel sank on Thursday, as both toymakers suggested sales will slow in the fourth quarter. The companies face challenges entering the critical fourth quarter, they said as they separately reported third-quarter earnings. Toys and games, products both Hasbro and Mattel are known for, could be on the chopping block this season as consumers watch their spending. Mattel's implied fourth quarter guidance on toy sales offered Wednesday also spooked Wall Street, despite its strong third-quarter results. Hasbro's revenue fell 10% for the quarter compared to the year-ago period, largely driven by decreases in its consumer and entertainment segments.

Persons: Chris Cocks, Mattel's Organizations: Hasbro, Mattel, Citi Research, LSEG, Lionsgate

☆ Margot Robbie is making a movie about Monopoly. Here is what to know about all the toys and games being turned into films following the success of 'Barbie'
▼ + stars: | 2023-08-04 | by ( Ayomikun Adekaiyero | ) www.businessinsider.com time to read: +1 min

In 2015, CNN reported that the Hasbro game had been translated into 47 languages, played in 114 countries sold over 275 million copies. A Monopoly movie was first mooted by Oscar-nominated director Ridley Scott during an interview with the Los Angeles Times in 2007. In 2009, producer Frank Beddor came up with an interesting pitch for a Monopoly movie, which he told IGN that Scott was excited about. When Lionsgate acquired Entertainment One's TV and film operations from Hasbro in 2023, it seemed a Monopoly movie was their top priority. On Wednesday, during 2024's Cinemacon in Las Vegas, Lionsgate confirmed that a Monopoly movie is in development.

Persons: Justin Sullivan, Oscar, Ridley Scott, Frank Beddor, Scott, Beddor, Parker, Truman, Andrew Niccol, Kevin Hart, Tim Story, Chris Cocks Organizations: CNN, Hasbro, Los Angeles Times, IGN, Monopoly, Lionsgate, Entertainment Locations: Las Vegas

☆ Hasbro sells off costly production studio, taking a page from Mattel's playbook
▼ + stars: | 2023-08-03 | by ( Sarah Whitten | ) www.cnbc.com time to read: +2 min

Four years after acquiring Toronto-based production studio eOne, Hasbro is selling it off to Lionsgate. That price tag consists of $375 million in cash and the assumption of production financing loans. Without eOne, Hasbro will also return to licensing and partnerships with studios to fund entertainment projects for brands like Dungeons and Dragons, PlayDoh, Magic: The Gathering and Transformers. Hasbro acquired eOne in 2019 for $4 billion, a price tag that included coveted preschool brands like Peppa Pig and PJ Masks. Without eOne, Hasbro will continue to rely on partnerships with studios like Paramount for theatrical releases and television productions.

Persons: Drew Crum, Eric Handler, Roth MKM, Chris Cocks Organizations: Toronto, Hasbro, Lionsgate, eOne, Paramount Locations: Rhode

☆ Hasbro stock jumps 12% after revenue from its Magic: The Gathering franchise surges despite concerns of gamer fatigue
▼ + stars: | 2023-04-27 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Hasbro stock surged 12% on Thursday after the company's first-quarter earnings impressed investors. The gaming company said its Magic: The Gathering card franchise is still firing on all cylinders. One Wall Street analyst has been concerned about gamer fatigue as the company continues to roll out new card sets. "There's a lot of wallet fatigue," Brooklyn-based Action City Comics owner Eric LaGaccia told Insider. But for now, that wallet fatigue among a certain group of Hasbro's core customers isn't enough to slow down what has become one of its top-selling brands.

☆ Hasbro, Mattel shares rise as toymakers announce multiyear licensing agreement, increased IP focus
▼ + stars: | 2023-04-27 | by ( Natasha Piñon | ) www.cnbc.com time to read: +5 min

Barbie maker Mattel posted first-quarter results after markets closed on Wednesday that beat revenue expectations but fell short of expectations on the bottom line. Other toy stocks, including Hasbro competitor Mattel and pop culture consumer company Funko , also jumped on Thursday. Toymaker stocks rallied Thursday after rivals Hasbro and Mattel posted quarterly results and offered optimistic comments about how their intellectual property will boost their businesses. Amid the challenging toy and game market, both Hasbro and Mattel are eyeing a future increasingly focused on intellectual property. Hasbro's "Transformers: Rise of the Beasts" from Paramount is slated for a June 9 release, while Mattel's much-hyped "Barbie" movie from Warner Bros. is scheduled for a July 21 release.

☆ Supply-Chain Headaches Ease for Many Companies
▼ + stars: | 2023-02-21 | by ( Paul Berger | Liz Young | ) www.wsj.com time to read: +4 min

Supply-chain snarls are fading from among the top challenges facing some U.S. companies as freight congestion eases, shipping costs fall and factories in Asia are freed from Covid-19 lockdowns. The rising costs and lengthy transit times pushed some companies to cut back on slower-selling products and raise prices. Today, freight congestion has cleared and ocean shipping costs have fallen close to prepandemic levels. Mr. Bergman said the decline was “partially offset by 40 basis points of favorable supply-chain impact driven by lower freight costs, which more than offset product cost headwinds during the quarter.”Some companies said they still have a way to go before supply-chain challenges are resolved. And Ford Motor Co. Chief Executive Jim Farley told a virtual town hall on Feb. 9 that supply-chain problems were continuing to hamper the company’s progress.

☆ Hasbro 2023 profit forecast disappoints as toy demand drops sharply
▼ + stars: | 2023-02-16 | by ( ) www.reuters.com time to read: +2 min

[1/2] The Hasbro, Inc. logo is seen on the Star Wars Galactic Snackin Grogu toy in the FAO Schwarz toy store in Manhattan, New York City, U.S., November 24, 2021. Toy demand has typically remained resistant to economic uncertainties, but it fell sharply in the holiday season, with Hasbro rival Mattel Inc (MAT.O) earlier this month projecting 2023 profit below expectations. For Hasbro, Walmart accounted for around 13% of sales, while Target made up for roughly 8% of sales in 2021. The toymaker said it will take a nearly $300 million hit to 2023 revenue from the licenses and brands that it exited. Hasbro said it expects 2023 adjusted earnings in the range of $4.45 to $4.55 per share, well below analysts' average estimate of $4.88 per share, according to Refinitiv data.

☆ Hasbro 2023 forecasts disappoint as inflation hits toy demand
▼ + stars: | 2023-02-16 | by ( Deborah Mary Sophia | ) www.reuters.com time to read: +2 min

[1/2] The Hasbro, Inc. logo is seen on the Star Wars Galactic Snackin Grogu toy in the FAO Schwarz toy store in Manhattan, New York City, U.S., November 24, 2021. The overall revenue is projected to be down low-single digits, while Wall Street analysts were expecting a 2.5% increase to $6 billion. "It's a cautious outlook...(but) what I'm most concerned about is that Hasbro doesn't lose sight of the consumer products segment," said James Zahn, Editor-in-Chief of trade magazine "The Toy Book". "Consumer products is what Hasbro is rooted in as a business." Hasbro expects 2023 adjusted per-share earnings in the range of $4.45 to $4.55 compared with estimates of $4.88 per share.

☆ Hasbro keeps expectations low for the start of 2023, but sees turnaround coming
▼ + stars: | 2023-02-16 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +5 min

Hasbro said it expects revenue for the year to decline in the low-single digits, percentage-wise, which missed Wall Street's expectations. But despite its confidence, the company underperformed in consumer product sales for its fourth quarter. The company announced on Thursday that Magic: The Gathering is on track to be its first billion-dollar brand. Pandemic disruption to its film productions also meant delaying a key revenue stream that had helped buoy sagging product sales. This is the first full quarter since Hasbro announced its three-year turnaround plan in October.

☆ Frustrated Magic: The Gathering fans say Hasbro has made the classic card game too expensive
▼ + stars: | 2023-02-09 | by ( Travis Clark | Max Adams | ) www.businessinsider.com time to read: +6 min

Magic: The Gathering fans are upset with how much product Hasbro has been releasing. Some game shop owners have had to sell cards at a lower cost — meaning they lose money and Magic loses value. At this point, given the huge costs to keep up with the game, fans felt that they were rightly concerned that Magic was becoming a luxury hobby. Hasbro's Magic: The Gathering strategy has alienated a lot of longtime fans, LaGaccia said, which has left many game shops with unsold product. Some fans have moved on from Magic to other card gamesSome Magic: The Gathering fans have found alternatives.

☆ Hasbro to cut 15% of workforce in 2023, estimates dour holiday quarter
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: +2 min

Jan 26 (Reuters) - Hasbro Inc (HAS.O) said on Thursday it would cut about 15% of its global workforce this year and estimated holiday-quarter results well below Wall Street expectations amid weakening demand for its toys and games. "Despite strong growth in Wizards of the Coast and Digital Gaming... our consumer products business underperformed in the fourth quarter against the backdrop of a challenging holiday consumer environment," Chief Executive Officer Chris Cocks said on Thursday. Hasbro estimated fourth-quarter revenue of about $1.68 billion, down 17% from a year earlier. Hasbro added that Eric Nyman, president and chief operating officer, was also exiting the company as part of organizational changes. Reporting by Deborah Sophia in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

☆ Hasbro warns of weak holiday quarter results, cuts 15% of its workforce
▼ + stars: | 2023-01-26 | by ( Sarah Whitten | ) www.cnbc.com time to read: +2 min

Hasbro said Thursday it would eliminate around 1,000 employee positions and warned of weak holiday-quarter results. The layoff of around 15% of its global workforce comes as the company seeks to save between $250 million and $300 million annually by the end of 2025. Hasbro said it expects fourth-quarter revenue, which includes the holiday season, to reach $1.68 billion, down 17% compared to the same period last year. Estimates called for Hasbro to reach $1.92 billion during the quarter, according to data from Refinitiv. For the full year, the company foresees revenue hitting $5.86 billion, down 9% compared to 2021.

☆ Hasbro defends Magic: The Gathering strategy, says 'there is no evidence' cards are overprinted
▼ + stars: | 2022-12-08 | by ( Sarah Whitten | ) www.cnbc.com time to read: +4 min

Photographer: Mark Abramson/Bloomberg via Getty ImagesHasbro is defending its strategy for its popular Magic: The Gathering game. Williams said the company typically spreads out its tentpole releases of Magic: The Gathering card sets in two-month intervals. She said Hasbro prints and reprints cards based on demand both during presales and once the product has been released. But Cocks said that he doesn't think raising prices on Magic cards is the answer to expanding the business over the long term. Hasbro's most engaged Magic players are those who play both online and in-person at local game shops or with friends.

☆ Hasbro CEO says inflation won't ruin Christmas but Wall Street is worried
▼ + stars: | 2022-11-23 | by ( Paul R. La Monica | ) edition.cnn.com time to read: +8 min

New York CNN Business —The holidays are rapidly approaching, and for the toy company Hasbro, a slowing economy could be a proverbial Grinch that steals Christmas. Before joining Hasbro, Cocks was an executive at Microsoft (MSFT) from 1999 through 2006 and 2008 through 2016. Cocks said Hasbro is investing “significantly” in digital toys, particularly digital versions of classic Hasbro board games like “Monopoly” and “Scrabble” as well as D&D and the company’s “Magic: The Gathering” game. It’s definitely been a boon for the game,” Cocks said. “If there’s a couple of truisms in life, there’s death, there’s taxes, and there’s parents wanting to have a great holiday for their kids.”

Reuters GraphicsMelissa Benhaim, a 32-year old publicist in Miami, started her holiday shopping slightly later than usual this year. A Saturday shopping day between Thanksgiving and Christmas this year gives shoppers extra time to hold out for better bargains. Holiday shopping is expected to slow broadly. Reuters GraphicsBut toy prices, even with discounts, are up about 2.4%, DataWeave found. Shoppers are paying $16.99 for the toy this year at Kohl's, after discounts, compared to $11.54 last year, according to DataWeave.

☆ Hasbro Chief Financial Officer Deborah Thomas to Retire
▼ + stars: | 2022-11-09 | by ( Kathryn Hardison | ) www.wsj.com time to read: 1 min

Hasbro Inc. Chief Financial Officer Deborah Thomas plans to retire from the toy and entertainment company. Newsletter Sign-up WSJ | CFO Journal The Morning Ledger provides daily news and insights on corporate finance from the CFO Journal team. PREVIEWMs. Thomas will remain in her position until a successor is in place, the company said Wednesday. Hasbro said it would look at both internal and external candidates for the next finance chief. Ms. Thomas has been at Hasbro for 24 years, Chief Executive Chris Cocks said.

☆ Hasbro quarterly profit slumps as price hikes dent demand
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

Oct 18 (Reuters) - Toymaker Hasbro Inc (HAS.O) reported a 28% fall in third-quarter earnings on Tuesday as inflation-hit consumers were further discouraged by price hikes. Earlier in October, Hasbro cut its fiscal 2022 sales forecast, citing a stronger dollar and a slowdown in demand. "As expected, the third quarter is our most difficult comparison and was further impacted by increasing price sensitivity for the average consumer," Hasbro Chief Executive Officer Chris Cocks said. The company reported adjusted net earnings of $196.2 million, or $1.42 per share, in the third quarter ended Sept. 25, compared with $271.2 million, or $1.96 per share, a year earlier. Register now for FREE unlimited access to Reuters.com RegisterReporting by Granth Vanaik in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Hasbro defines discretionary
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, Oct 18 (Reuters Breakingviews) - Hasbro (HAS.O) toys are absolutely, positively not essential. Chief Executive Chris Cocks partly attributed the decline to over-ordering in the second quarter. Take the gains in that quarter and move them to the third quarter, and sales would’ve still fallen 14% year-over-year. Meantime prices are rising dramatically, and though Hasbro tried to pass on some of those costs, people in the market for Magic: The Gathering and Play-Doh pulled back spending. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

☆ Hasbro revenue meets expectations but earnings miss as inflation squeezes shoppers
▼ + stars: | 2022-10-18 | by ( Jack Stebbins | ) www.cnbc.com time to read: +2 min

Hasbro reported earnings Tuesday morning that fell below analysts' expectations as inflation weighed on consumers. The toy maker faced tough comparisons in the third quarter, but surging prices added to the pressure. Revenue fell 15% compared to the period last year, led by a 35% decrease in entertainment revenue. "Magic: The Gathering" is a digital and trading card game that has grown into the company's first $1 billion brand. The 30th anniversary of the game occurs in the fourth quarter of this fiscal year.

☆ Stocks making the biggest moves midday: Hasbro, Salesforce, Carnival, Lockheed Martin & more
▼ + stars: | 2022-10-18 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +3 min

Hasbro — Shares of the toy company dipped 2.3% after the company reported third-quarter earnings that missed expectations. Salesforce — Salesforce shares gained 5.2% after Starboard Value revealed to CNBC that it has taken a "significant" stake in the software giant. Carnival Corporation — Shares of the cruise company jumped more than 12% after one of Carnival's subsidiaries began an offering of $1.25 billion of senior priority notes due 2028. Goldman Sachs — Goldman Sachs rallied 3% after beating third-quarter analyst expectations for profit and revenue on better-than-expected trading results. Lockheed Martin — Shares of the aerospace company jumped 8.5% after Lockheed reported third-quarter earnings of $6.87 per share excluding items, which was higher than a Refinitiv estimate of $6.66 per share.

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