This weekend, Toy Fair is running at Javitts Center in New York, and as the Star Wars reveals and unvelings continue (many of which you can see over on our socials) Hasbro have posted their full year results for 2024, with the focus having been stepping up operational efficiency to improve overall performance. With a busy IP year ahead in 2025, here’s how ’24 landed for Hasbro.
Full Year 2024 Highlights
Full year Hasbro revenue declined 17% driven primarily by the eOne divestiture; excluding this impact, revenue declined 7%. Growth of 4% in the Wizards of the Coast and Digital Gaming segment was offset by declines in Consumer Products (-12%) and Entertainment (-88%, or -4% excluding the eOne divestiture).
Operating profit of $690m and operating margin of 16.7% includes $149m of costs for acquired intangible amortisation, loss on disposal of business and costs associated with the Company’s transformation.
Adjusted operating profit of $839m (+$362m vs. PY) and adjusted operating margin of 20.3% (+10.8 points vs. PY), driven by the lap of 2023 non-recurring inventory costs, favorable business mix and cost savings.
Delivered $370m of gross cost savings and $227m of net cost savings; Hasbro owned inventory down 17% versus prior year.
Full Year 2024 Segment DetailsWizards of the Coast and Digital Gaming Segment
Revenue increase of 4% driven by strength in Licensed and Digital Gaming.
Magic: The Gathering revenues decreased -1% due to the lap of the Lord of the Rings set.
Digital and Licensed Gaming increased 22% with Monopoly Go! contributing $112m for the full year 2024.
Operating profit increased 20% and operating margin of 41.8% was 5.7 points higher than last year due to digital licensing revenue mix, productivity gains and lower royalty expense.
Consumer Products SegmentRevenue decrease of -12% driven by softer volume, exited brands and reduced closeouts, offsetting growth in licensed consumer products.
Operating margin of 4.5% and adjusted operating margin of 6.0% driven by lapping Q4 2023 non-recurring inventory costs, cost savings and supply chain productivity.
Entertainment SegmentRevenue decline of 88% impacted by the eOne divestiture; absent this impact, revenue decreased 4% driven by the timing of the delivery of deals.
Operating margin of -2.0% and adjusted operating margin of 61.4%.
Fourth Quarter 2024 HighlightsFourth quarter Hasbro revenue declined 15%; excluding the eOne divestiture, revenue declined 3%. Wizards of the Coast and Digital Gaming segment declined 7% due to the lap of The Lord of the Rings holiday set and Consumer Products declined 1% behind reduced volume, partially offset by growth in licensed consumer products.
Operating profit of $60m and operating margin of 5.4% includes $53m of costs for acquired intangible amortisation, loss on disposal of business and costs associated with the Company’s transformation.
2025 Company OutlookFor the full year, the Company expects:
Total Hasbro revenue up slightly in constant currency.
Adjusted operating margin of 21%-22%.
Adjusted EBITDA of $1.1b to $1.15b.
