: Hasbro revenue declines but tops expectations

Toymaker Hasbro Inc. HAS posted a surprise adjusted profit for its latest quarter Thursday while seeing revenue exceed expectations. Hasbro generated a quarterly net loss of $22.1 million, or 16 cents a share, whereas it earned $61.2 million, or 44 cents a share, in the year-earlier quarter. On an adjusted basis, Hasbro earned 1 cent a share, compared with 57 cents a share a year before. Analysts tracked by FactSet were anticipating a 1-cent adjusted loss per share. “The year has started on plan as we reduce retail inventory levels and remain positioned to drive continued margin expansion,: Chief Financial Officer Deborah Thomas said in a release. Revenue slipped to $1.00 billion from $1.16 billion, while the FactSet consensus was for $877 million. Revenue from “Magic: The Gathering” was up 16%, while total Hasbro gaming revenue increased 2%. The company continues to expect 2023 revenue that’s down by a low-single-digit rate against an “expected flat to declining toy and game market.” Shares of Hasbro have lost 16% so far this year as the S&P 500 SPX has added 6%.

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