Hasbro have posted solid figures for the first quarter of 2022, with profits up across the board and from all franchises, with a busy summer for Marvel and Star Wars ahead.
Hasbro’s first quarter 2022 results have been released, with net revenue increasing 4% to $1.16b. There were several stand-out performers, including Wizards of the Coast and the Digital Gaming segment, where revenue increased by 9%. The Consumer Products segment saw revenue grow by 3%, while Entertainment segment revenues increased by 4%.
For the first quarter 2022, revenues grew in Franchise Brands, Partner Brands, Hasbro Gaming and Emerging Brands. Top brand performances included Magic: The Gathering, My Little Pony, Peppa Pig and Hasbro products for the Marvel portfolio, led by the Spider-Man franchise, including products in support of Marvel Studios’ Spider-Man: No Way Home and the new animated show Marvel’s Spidey and His Amazing Friends, plus Avengers franchise support with the upcoming Marvel Studios’ Doctor Strange in the Multiverse of Madness.
Operating profit declined to $8.6m in the traditionally low profit quarter for toys and games. Supply chain disruptions impacted product availability, which caused delays at retail, while higher freight and inventory costs negatively impacted profits versus the same period last year. To offset these headwinds, product price increases go into effect in the second quarter.
Following a strong year in 2021, Hasbro stated that it plans for continued growth in 2022; projections are for low-single digit revenue growth, despite the strengthening of the US dollar and potential exposure of around $100m in Russia. The company has also announced two C-suite leadership appointments, as Shane Azzi joins as chief global supply chain officer and Matt Austin is promoted to chief commercial officer.