Hasbro reported a smaller-than-expected drop in first-quarter sales and handily beat profit estimates on Wednesday, as leaner inventories and steady digital gaming revenue helped cushion a drag from softer demand for toys.
However, efforts to clean up its inventory throughout 2023, along with cost efficiencies, helped its operating margin expand to 15.3%, from 1.8% last year.
On an adjusted basis, Hasbro reported earnings per share of 61 cents in the quarter ended March 31, compared to 1 cent last year.
The toy maker said it was on track to achieve the fiscal 2024 targets it set in February.
On Tuesday, Barbie maker Mattel posted a smaller-than-expected loss for the first quarter, helped by its costs-saving measures.
Persons:
Barbie, Mattel
Organizations:
Hasbro, Walmart, Target, Revenue, Wizards, Coast