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Hasbro reported third-quarter earnings Tuesday morning that fell short of analysts’ expectations as inflation weighed on consumers and the company contended with high levels of inventory.
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“As expected, the third quarter is our most difficult comparison and was further impacted by increasing price sensitivity for the average consumer,” CEO Chris ***** said in an earnings release.
He expanded on this point in a conference call Tuesday morning, saying that promotions “have become increasingly important” in driving product sales. The company reported high inventory, which is currently afflicting retailers across the board. Hasbro said in an investor presentation that its inventory should help it meet holiday demand.
Shares were down more than 2% Tuesday morning, hitting a new 52-week low.
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Revenue for the period fell 15% compared to last year, dragged down by a 35% decrease in entertainment revenue. Its Wizards of the Coast unit, which includes “Dungeons & Dragons” and “Magic: The Gathering,” saw revenues decline 16%.
As prices for goods and supplies surge, the toy and game giant has increased prices for products like Nerf Blasters and My Little Pony figures.
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The company also pointed to several upcoming releases, including Marvel’s “Black Panther: Wakanda Forever” and the company’s own “Transformers: EarthSpark,” which the company will produce merchandise for during the fourth quarter and beyond.
With the holidays approaching, the toymaker said it plans to “sell through inventory” in the fourth quarter as it seeks to stick to its plan of focusing on fewer, bigger brands and more licensing.
sol magnus wrote:I'm shocked. Shocked, I tell you!
Whirlkick wrote:Hehehe this makes me happy! They kept jacking up prices, most likely to primarily please the shareholders, only to see a drop in their share price. Who'd have thought that increasing prices on toys would cause people to buy less, particularly in these trying times. You don't need to be an economist to work that out haha
Of course costs are going up, but smaller private companies like McFarlane have been able to keep a consistent price, and Todd himself said it's because the company doesn't have shareholders to please.
Hopefully this means the Hasbro prices will come down given time. It's quite bad that there's so much unsold stock that will likely go to waste or pegwarm for millennia.
DeathReviews wrote:sol magnus wrote:I'm shocked. Shocked, I tell you!
Yeah, really. Hasbro jacks up the prices on all figures, and they have the nerve to act surprised when customers buy less?
As expected
william-james88 wrote:And while he has not increased prices in the US, Mcfarlane has increased prices outside, which sucks hard.
mikeb wrote:Also, I hate feeling ripped off, which is how I feel when I spend $23 for a deluxe-class figure that is basically what a $6 scout-class figure was in 2009. That's a 400% cost increase.
william-james88 wrote:mikeb wrote:Also, I hate feeling ripped off, which is how I feel when I spend $23 for a deluxe-class figure that is basically what a $6 scout-class figure was in 2009. That's a 400% cost increase.
Which 6$ scout from 2009 had 25+ points of articulation?
They didn't act surprise, much the opposite. The article has it in bold quoted from the CEO saying:As expected
DeathReviews wrote:They didn't act surprise, much the opposite. The article has it in bold quoted from the CEO saying:As expected
If that's the case, then it sure doesn't track with the OTHER quotes from that article: "Hasbro reported third-quarter earnings Tuesday morning that fell short of analysts’ expectations"
If they were 'expecting' lower sales, then they really don't have the right to whine that earnings 'fell short of their expectations'.
lovrboi wrote:william-james88 wrote:mikeb wrote:Also, I hate feeling ripped off, which is how I feel when I spend $23 for a deluxe-class figure that is basically what a $6 scout-class figure was in 2009. That's a 400% cost increase.
Which 6$ scout from 2009 had 25+ points of articulation?
Sorry, man. I ain't counting points of articulation. That may be your primary criteria, but it is not mine.
bigds9fan wrote:"Only 10 years ago".
10 years is a long time. And everything gets more expensive. When $10 Deluxes were still a thing I paid 35 Euro for my Internet. Now I pay 55 and I cannot say the service has improved to a level that justifies the price.
Whereas the Transformers figures have improved greatly.
And the market analysts are not Hasbro employees. They are simply people who work on Wallstreet or for banks and analyse the market. They do it for all companies, and when a stock doesn't meet the expectation they predicted, then the stock price goes down.
Which 6$ scout from 2009 had 25+ points of articulation?
10 years is a long time.... Transformers figures have improved greatly.
A parent's budget for buying a gift for a kid in their son's class has not gone up a ton.
And the fact that Hasbro is relying on Earthspark to give them better numbers in Q4 is explicitly them writing collectors off. To anyone doubting it, that statement from them concerning financial survival shows that our purchases are not big enough to sustain them or the brand. Marketing towards us is not part of their immediate recover plan.
william-james88 wrote:By the way (the following isn't aimed at anybody), while all of us are looking at it through the lens of a collector, the whole point of this article is more about the impact for parents and kids. While we find those prices hard to swallow, it must be amplified for parents that might treat their kid with a toy or buy something for a birthday. A parent's budget for buying a gift for a kid in their son's class has not gone up a ton. And the fact that Hasbro is relying on Earthspark to give them better numbers in Q4 is explicitly them writing collectors off. To anyone doubting it, that statement from them concerning financial survival shows that our purchases are not big enough to sustain them or the brand. Marketing towards us is not part of their immediate recover plan.
bigds9fan wrote:"Only 10 years ago".
10 years is a long time. And everything gets more expensive. When $10 Deluxes were still a thing I paid 35 Euro for my Internet. Now I pay 55 and I cannot say the service has improved to a level that justifies the price.
Whereas the Transformers figures have improved greatly.
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