Hasbro reported disappointing holiday sales, which it had anticipated given slowing consumer demand.
Tiffany Hagler-Geard | Bloomberg | Getty ImagesThe toymaker on Thursday announced its fourth-quarter results while issuing conservative guidance for the year, mimicking theHasbro is maintaining some optimism though, pointing to key bright spots from releases like Transformers and its growing Wizards of the Coast gaming division, which houses Dungeons & Dragons, along withHasbro projected that full-year revenue will decline in 2023, but forecasted that the majority of the squeeze will be...
Cocks also said on the call that Hasbro would be looking to introduce a product line priced between $20 to $30, a cheaper option to help target the inflation-weary consumer. Hasbro is maintaining hope that new releases like expansion packs for Dungeons & Dragons and Magic: The Gathering games will pay off and compensate for product sales declines. "There's a lot of entertainment coming in Q2 that will have a nice halo effect in Q3 and Q4," said Cocks. The company announced on Thursday that Magic: The Gathering is on track to be its first billion-dollar brand.
"By and large, this company outlook is going to be determined by how strong Wizard is," Kocharyan told CNBC, noting that the gaming segment was a boon for dips in product sales.
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