Hasbro, Inc. (NASDAQ: HAS), a global branded entertainment leader, today reported financial results for the fourth quarter and full-year 2022.
Full-year revenues of $5.86 billion were down 9% year-over-year, a decline of 6% on a constant currency basis. Operating profit of $407.7 million, or 7.0% operating profit margin, and adjusted operating profit of $922.5 million, or 15.8% adjusted operating profit margin.
Fourth quarter revenues of $1.68 billion, down 17% year-over-year, a decline of 14% on a constant currency basis. Operating loss of $125.7 million, or -7.5% operating profit margin, and adjusted operating profit of $269.2 million, or 16.0% adjusted operating profit margin.
“As we announced previously, our fourth quarter and full-year 2022 results came in below our expectations,” said CEO Chris Cocks. “Despite this, we delivered our first billion-dollar brand in MAGIC: THE GATHERING and another record year at Wizards of the Coast and Digital Gaming, we grew key investment areas including licensing and direct to consumer, and we improved adjusted operating profit margin. We also reduced owned and retail inventory levels from the third-quarter peak and we are working to reduce them further this year. Only a few months in, we have made meaningful progress in implementing Blueprint 2.0 with a heightened focus on innovation, data driven investment in key brands and disciplined cost management.”
HAS shares hiked $2.05, or 3.5%, to $60.43.