Hasbro misses expectations on second-quarter revenue

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Hasbro Inc. shares HAS, +0.71% slid 1.2% in premarket trade Tuesday, after the toy maker posted weaker-than-expected revenue for the second quarter. The company had net income of $1.42 million, or $1.02 a share, after a loss of $22.9 million, or 17 cents a share, in the year-earlier quarter. Adjusted per-share earnings came to $1.15, ahead of the 94 cent FactSet consensus. Revenue rose 1% to $1.339 billion from $1.322 billion a year ago, below the $1.374 billion FactSet consensus. “Wizards of the Coast turned in its biggest quarter ever, led by 15% growth in tabletop gaming and 11% growth in MAGIC: THE GATHERING across platforms,” CEO Chris Cocks said in a statement. “We also significantly enhanced our digital play and direct-to-fan capabilities with the acquisition of D&D Beyond which will serve as an important growth driver for Hasbro’s industry leading fantasy gaming portfolio.” The company took “significant steps” in the first half of the year in securing inventory, to make sure it has enough for coming product launches and the holiday season, he said. The company “has a plan” for continued growth in 2022 and expects low-single digit revenue growth, excluding currency. Shares have fallen 22% in the year to date, while the S&P 500 SPX, +2.76% has fallen 20%.

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