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Hasbro beat profit and sales forecasts as it slashed inventory and got a lift from sales of digital games, news that sent its shares nearly 12% higher on Wednesday.
Hasbro reports Q4 FY23 results with sales down 23%, operating loss of $1.2B, while raising gross savings target for 2025.
Challenging Year Leads to Revenue Decline and Operating Losses
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Shares of Mattel and Hasbro plunged as both toymakers warned of soft holiday sales.
Operator: Good morning and welcome to Hasbro’s Second Quarter 2023 Earnings Conference Call. At this time all parties will be in listen-only mode. [Operator Instructions].