Hasbro lifts annual revenue forecast on strong demand for 'Magic: The Gathering' games
Hasbro raised its annual revenue forecast on Wednesday, as the toymaker leans on strength of 'Magic: The Gathering' games and cost-cutting efforts to weather the impact from mounting economic and tariff uncertainty.
While Hasbro has benefited from a steady growth in segments such as digital gaming, the company and its peer Mattel remain vulnerable to the volatile tariff dynamic as a chunk of their U.S. merchandise is sourced from China.
To tackle a potential rise in tariff-driven costs, Hasbro has announced job cuts and sought to diversify its manufacturing and logistics footprint as it imports nearly half of its goods from China. It plans to bring it down to about 40 per cent in 2027.
Sales at the company's consumer products business, which includes shipping to retailers, was down 16 per cent. The company said that U.S. customers had shifted their orders from the second quarter to the back half of the year due to tariff uncertainty.
Shares of the Monopoly maker, which have risen nearly 40 per cent this year, were down about two per cent.
Still, Hasbro said its expectations of incremental costs due to tariffs would be at around US$60 million, lower than prior estimates, as it now accounts for a 'more favorable' rate.
In May, the U.S. said it would cut extra tariffs it imposed on Chinese imports in April this year to 30 per cent from 145 per cent for the next 90 days.
Hasbro expects annual revenue to be up mid-single digits in constant-currency terms, compared with prior predictions to be up slightly.
In the second quarter, its revenue in 'Wizards of the Coast' and digital gaming segment rose 16 per cent due to momentum in 'Magic: The Gathering,' whose revenue surged 23 per cent on growth in tabletop.
'Hasbro is finding its footing in a tough environment while laying the groundwork for long-term growth,' eMarketer analyst Zak Stambor said.
After adjusting for a US$1 billion impairment charge related to its consumer products business in the second quarter, Hasbro earned US$1.30 per share, compared with the market expectation of 78 cents, according to estimates compiled by LSEG.
Hasbro posted net revenue of US$980.8 million, beating estimates of US$880 million, in the quarter ended June 29.
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Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Arun Koyyur
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