Hasbro missed earnings and revenue expectations in the fourth quarter, while cautioning of headwinds from consumer discretionary environment in 2023.
The toymaker’s adjusted earnings came in at $1.31 per share in the final three months of the year, below analysts’ expectations of $1.33 a share (FactSet survey).
Revenue dropped -17% from the year-ago quarter to $1.68 billion, vs. analysts’ estimates of $1.72 billion (FactSet survey ).
“We are capitalizing on a fantastic entertainment slate, including Dungeons & Dragons: Honor Among Thieves in March and exciting new product launches, while facing a challenging consumer discretionary environment and approximately $300 million in revenue headwinds from exited licenses, brands and markets as well as foreign exchange,” said CEO Chris Cocks.
Hasbro is expecting full-year 2023 profit of between $4.45 and $4.55 a share, below analysts’ expectation of $4.88. It is anticipating revenue decrease of low-single-digit percentage this year.