Hasbro Inc - HAS STOCK NEWS

Hasbro (NASDAQ: HAS) reported Q2 2024 financial results, showing a mixed performance. While overall revenue declined 18% (6% excluding eOne divestiture), the company saw 20% growth in Wizards of the Coast and Digital Gaming. Consumer Products declined 20%, and Entertainment fell 90% (30% excluding eOne). Despite revenue challenges, Hasbro improved profitability with adjusted operating profit of $249 million (+$112 million YoY) and adjusted operating margin of 25.0% (+13.7 points YoY). The company reported adjusted net earnings of $1.22 per diluted share and raised its full-year guidance. Hasbro achieved $40 million in net cost savings and reduced owned inventory by 51% YoY.

Hasbro (NASDAQ: HAS) has announced two key appointments to its Executive Leadership Team. John Hight, former Senior VP and GM of the Warcraft Franchise at Blizzard Entertainment, joins as President of Wizards of the Coast and Digital Gaming. His role will include overseeing Hasbro's gaming studios, digital licensing agreements, and leading strategy for MAGIC: THE GATHERING and DUNGEONS & DRAGONS.

Holly Barbacovi returns to Hasbro as Chief People Officer, leading the global Human Resources organization. Previously VP of HR at Wizards of the Coast and COO at Bungie, Barbacovi will focus on developing a people and culture strategy aligned with Hasbro's values. These appointments aim to strengthen Hasbro's focus on digital experiences and maintain an inclusive work environment during the company's transformation.

Hasbro (NASDAQ: HAS) has announced strategic senior appointments to boost its digital capabilities and supply chain productivity. Dan Shull, with 25 years of experience, joins as Chief Digital Information Officer, starting July 15. Stephanie Beal is promoted to Chief Supply Chain Officer, effective immediately, succeeding Shane Azzi. Dan Rawson expands his role to lead direct-to-consumer and e-commerce strategies while continuing as Global Play Lead for DUNGEONS & DRAGONS. These appointments aim to drive Hasbro’s digital transformation and enhance operational efficiency.

Hasbro has announced the launch of 'Furby Wuz Here,' an immersive campaign celebrating the one-year anniversary of Furby's relaunch. The campaign features iconic Furby installations across New York City from July 10-17, including giant Furby footprints and furry objects in popular locations like Herald Square Plaza and Astor Place. Fans can visit an immersive Furby-themed space at 21 Spring Street on July 14 and share their experiences on social media using the hashtag #FurbyWuzHere.

The activation includes a map outlining the locations of these Furby-themed moments. Hasbro continues to expand the Furby brand, with new Furblet colors now available for purchase on Amazon.

Hasbro (NASDAQ: HAS) will announce its second quarter financial results for 2024 on Thursday, July 25, 2024, before the market opens.

An earnings conference call will be webcast live at 8:30 a.m. Eastern Time. Information required by Regulation G will be available on Hasbro's Investor Relations website at the time of the webcast.

The webcast and accompanying presentation slides will be accessible on Hasbro's Investor Relations home page. A replay will be available approximately two hours after the event and will be hosted for 12 months.

Hasbro, a leading toy and game company, aims to entertain and connect generations of fans with its portfolio of over 1,800 iconic brands including MAGIC: THE GATHERING, DUNGEONS & DRAGONS, and TRANSFORMERS.

Hasbro (NASDAQ: HAS) has been named one of the Civic 50 Most Community-Minded Companies for the 12th consecutive year by Points of Light. This recognition highlights Hasbro's commitment to social impact, positively affecting over 3.9 million individuals worldwide in 2023. The award acknowledges the company's efforts in providing access to play for underserved communities, delivering play relief during crises, and developing future playmakers. With over 82% of its global workforce volunteering, Hasbro showcases its dedication to civic engagement and community support.

Hasbro (NASDAQ: HAS) has announced that CEO Chris Cocks and CFO Gina Goetter will participate in the JP Morgan Global Technology, Media and Communications Conference on May 20, 2024, at 11:20AM ET. The event will include a fireside chat, which will be webcast live and accessible on Hasbro's Investor Relations home page. For those unable to attend the live session, an archived version will be available for 30 days after the event.

Hasbro, Inc. (NASDAQ: HAS) announced a public offering of $500,000,000 in 6.050% Notes due 2034, with an expected settlement date of May 14, 2024. The net proceeds are estimated to be around $495 million, which will be used for general corporate purposes, including redeeming or repaying outstanding debts.

Hasbro, Inc. (NASDAQ: HAS) reported improved profitability and EPS growth in the first quarter of 2024. Despite a 24% revenue decline driven by the eOne divestiture, adjusted operating profit increased by $101.4 million. Hasbro's turnaround efforts showed progress with strong performance in the Wizards of the Coast and Digital Gaming segment (+7%) and Entertainment (+65%). The company's operating margin stood at 15.3% with adjusted operating margin reaching 19.6%. Hasbro also reported significant reductions in owned inventory and paid $97.2 million in cash dividends to shareholders. The company remains on track for its full-year commitments, maintaining annual guidance for the Consumer Products, Wizards of the Coast, and Entertainment segments.