Latest news with #Cocks
Al Etihad
21-05-2025
- Al Etihad
Abu Dhabi's Butterfly Gardens to bring best of nature from Asia and the Americas
22 May 2025 01:38 MAYS IBRAHIM (ABU DHABI)A lush climate-controlled haven for butterflies is set to open in Abu Dhabi this September: the Butterfly are in for an immersive, biodome experience featuring over 10,000 butterflies and exotic wildlife from Asia and the Americas. In an interview with Aletihad , Head Curator Lewis Cocks shared exclusive details about the project, which aims to fill a unique niche in the emirate's tourism landscape. 'Through the Butterfly Gardens, we're creating a small self-sustaining footprint of nature that people can come visit here in Abu Dhabi,' he said. Two Domes, Two WorldsThe garden will feature two major biodomes: the Asia Dome and the Americas Dome – each designed to replicate the distinct ecosystems of their respective regions. Cocks explained that these high-tech enclosures will utilise advanced UV-filtering panels that allow natural sunlight to nourish the flora and fauna inside while protecting delicate species from the UAE's intense heat.'The domes will help maintain optimal temperature and humidity levels all year round,' Cocks he system is also designed to be highly water-efficient through a closed loop process that helps regulate humidity and support indoor plant and aquatic life.'We don't have to use much energy or resources to keep the environment inside just right,' said Cocks.'The water, for example, is reused through the koi ponds and the trees inside, which play a key role in keeping the humidity levels up … Everything works together in a kind of self-sustaining cycle.' Exploring the ForestsInside, 10,000 butterflies will flutter alongside a host of other animal species that call the Asian and American forests home. Visitors to the Americas Dome can expect to encounter the Caimon dwarf crocodiles and free-roaming two-toed sloths. At the Asian Dome, guests will discover koi ponds and a rare nocturnal mammal known as the Philippines' binturong or Palawan bearcat, famous for its popcorn-like Butterfly Gardens will serve as a learning hub, especially for local school groups, according to educational ecosystems will cover rainforest ecosystems, biodiversity, conservation, and a closer look at the full life cycle of butterflies.'It's not just for display, we want students to truly understand how these ecosystems function,' Cocks explained. 'And ultimately, why conservation matters.'Construction is already underway, with the biodome structures expected to be visibly completed near the National Aquarium at Al Qana waterfront in the coming ticket pricing is yet to be finalised, Cocks confirmed it will be kept affordable. 'We want the Butterfly Gardens to be accessible to everyone,' he said. Source: Aletihad - Abu Dhabi
Business Insider
02-05-2025
- Business
- Business Insider
Hasbro CEO: Wizards of the Coast business is ‘cooking with gas'
In an interview on CNBC's Mad Money, Chris Cocks said about 15M people actively play Wizards of the Coast. He called the tariff situation 'fluid' and noted that Hasbro (HAS) is in a relatively good position since half its revenue comes from the U.S. Hasbro has sourcing flexibility and makes a lot of products domestically, according to Cocks. It has been moving away from manufacturing in China, he noted, and its supply chain has been optimized over last 30-40 years. He expects prices to go up, but they will be relatively subdued, and the company will be selective on where it takes price. Protect Your Portfolio Against Market Uncertainty
CNBC
01-05-2025
- Business
- CNBC
Hasbro CEO details tariff impact: 'We're making rapid changes'
In a Thursday interview with CNBC's Jim Cramer, Hasbro CEO Chris Cocks detailed how the toy maker is trying to diversity its supply chain and adapt to President Donald Trump's steep tariff hikes on China, one of its top suppliers. "I think we're making rapid changes," he said. "You know, our goal was to get to about 40% of global sourcing out of China by the end of 2026. I think we'll hit that much earlier." According to Cocks, Hasbro has shifted some manufacturing to countries including the U.S., Turkey, China, Japan, India, Vietnam and Indonesia. So far in 2025, he said the company has relocated several hundred SKUs from China to these other locations. However, he affirmed that China is "always going to be an important place for us to source product." Toy making can be labor intensive and require specialized types of labor, he stressed — and Chinese manufacturers have expertise in making specific items like high-end action figures. They also dominate the market for lower-end electronics and foam swords, he continued. But over time, Cocks predicted that other "sources of supply will mature," and Hasbro will be able to diversify production even in those more specialized categories. Hasbro on Tuesday reported an earnings beat, but it forecasted that if Trump's 145% duty on imports continues, the company could take a $300 million hit to its bottom line. However, management was fairly optimistic its diversification strategy would help mitigate any losses. Cocks conceded that he expects prices to go up. But he claimed the increases might be lower than peers because of "sourcing flexibility." The company also has some padding because 50% of revenue generated in the U.S. is either domestically-sourced or from "experiences or digital games," he said. Cocks added that trade policy remains "a pretty fluid situation," and Hasbro expects there will be "movements on the tariff front" as the Trump administration negotiates deals with more countries. "I think most families, you know, when they think about a toy, they think about $10 or $20. They're not thinking about $30 or $50 or $100, that's very few and far between," he said. "So, we're trying to selectively keep core items, particularly giftable items, at those $10 and $20 magic price points." Click here to download Jim Cramer's Guide to Investing at no cost to help you build long-term wealth and invest
Yahoo
26-04-2025
- Business
- Yahoo
Hasbro has a winning hand with Wizards, bucking the trend in retail
reported a strong Q1 thanks to a surge in one business segment. The company also left its fiscal 2025 guidance untouched despite other retailers making changes owing to impending tariff implications. Other toymakers warn, though, that tariffs could hurt the entire industry. While many retailers have lowered guidance for this fiscal year in anticipation of President Donald Trump's barrage of tariffs, one toy company is confident it can weather the storm. Hasbro—the toymaker for all ages behind Play-Doh, Monopoly, Nerf, and Dungeons & Dragons—on Thursday reported a strong first quarter for 2025. Revenue was up 17%, and earnings per share beat estimates of $0.67 per share at $1.04. Hasbro CEO Chris Cocks credited the quarter's success to massive growth in its Wizards of the Coast segment, which produces both digital and tabletop games. That segment's revenue surged 46% in Q1 to $462 million. And Hasbro's confidence in Wizards' continued growth is in part why the company left guidance for the year unchanged despite other retailers pulling back out of fear of tariff implications. 'Despite macro uncertainty … Wizards' outperformance, and accelerated cost savings, gives us a line of sight to delivering on our full-year financial commitments,' Hasbro CFO Gina Goetter said during the earnings call. Plus, Wizards has low tariff exposure, with less than $10 million expected in duties for the year, Cocks said during the company's earnings call on Thursday. Most of Hasbro's supply chain is produced in North Carolina and Texas, he explained, with the remainder in Kyoto, Japan. 'While our toys segment faces higher exposure, we're responding proactively,' he said. 'Our asset-light sourcing model means we can rapidly shift production to help mitigate tariff impacts.' Having success with digital products helps Hasbro's revenues, particularly where tariffs are involved. Hasbro benefits from 'an emphasis on digital that limits the impact of tariffs,' David Mayer, senior partner and director of marketing and customer strategy at branding consultancy Lippincott, told Fortune. Rival toy companies have a 'greater percentage of sales in physical toys, which exposes them more to both tariffs and cash-stretched parents cutting back on one-off purchases.' Hasbro also in February unveiled a $1 billion cost-savings plan called Playing to Win, which runs through 2027. The five-pillar plan focuses on building profitable franchises; making more toys that are appealing to people age 13 and older; expanding into emerging markets; building video games; and driving new retail and licensing partnerships. 'We're accelerating our $1 billion cost-savings plan to offset tariff pressures internally,' Cocks said. 'While targeted pricing actions remain likely, we are prioritizing key price points and strengthening retail partnerships.' However, other toymakers aren't as confident their industry can combat the impacts of impending tariffs. 'Hasbro's recent earnings report showcases the strength of their games,' Isaac Larian, founder and CEO of MGA Entertainment, told Fortune. 'But let's be clear: Those numbers don't reflect the storm that's coming.' MGA Entertainment is the maker of Bratz, LOL Surprise, Baby Born, Little Tikes, Rainbow High, and more, and Larian said every major toy company—including his and Hasbro—is heavily reliant on imports, particularly from China. If tariffs remain in place, Larian warned, consumers are in for price increases, and companies should be prepared for shrinking margins. 'Consumers, especially families already feeling squeezed, will be the ones who suffer,' Larian said. 'Come this Christmas, we're looking at major shortages across toy aisles, with prices up by double digits or more.' Mattel, another major toy manufacturer, will announce its latest earnings in early May. This story was originally featured on Sign in to access your portfolio
Business Insider
24-04-2025
- Business
- Business Insider
Hasbro's CEO says tariffs could hit the toy industry as hard as the 2008 recession
Playtime could be over for one of the largest toy makers if tariffs stick around. Hasbro, which makes Nerf dart guns and Play-Doh, expects shoppers to cut back on toy spending if President Donald Trump continues to impose tariffs of 145% on imports from China and 10% on goods from other nations. The pullback could be as bad as it was during the Great Recession during the late 2000s, CEO Christian Cocks said during a company earnings call on Thursday. "We see the impact to consumer spending on the toy category consistent with what happened with the 2008 and 2009 recession," Cocks said. Back then, sales in the toy industry fell "roughly mid-single digits," he said. Hasbro is the latest company to warn about potential ill effects from Trump's tariffs. Other consumer brands and retailers have said that they will likely raise the prices that consumers pay to offset the cost of the duties. That, along with other fallout from the tariffs, could push the US into a recession, some economists have said. For the moment, though, people continue to spend, with some even splashing out more to avoid tariff-related price increases. While consumer confidence has fallen, for instance, data shows that shoppers have largely stuck to their spending plans. Even Hasbro's own first-quarter earnings came in ahead of analysts' expectations. Not all of Hasbro's products will be hit evenly by the tariffs, Cocks said. While many of its toys are imported, it also makes board games like Monopoly, many of which are made domestically in Massachusetts, he said. The company has also built a digital gaming business that drove much of its revenue increase during the first quarter.
