Hasbro reveal their 2020 figures, laying out a tricky operating year impacted by COVID-19 but seeing a 43% increase worldwide for ecommerce and a healthy increse for Hasbro Gaming.
PAWTUCKET, R.I.–(BUSINESS WIRE)–Feb. 8, 2021– Hasbro, Inc. (NASDAQ: HAS), a global play and entertainment company, today reported financial results for the fourth quarter and full-year 2020. 2019 pro forma results reflect the combination of the results of Hasbro and Entertainment One Ltd. (eOne) for periods prior to Hasbro’s acquisition of eOne at the start of the first quarter of 2020.
“In 2020, we lived our purpose of making the world a better place for all children and all families. In what was a most challenging year, the global Hasbro team fully demonstrated its resilience, tenacity, creativity, flexibility, and empathy,” said Brian Goldner, Hasbro’s chairman and chief executive officer. “Our teams successfully drove demand for several product categories across our portfolio including our entire gaming portfolio from Wizards of the Coast brands to face-to-face gaming. They found ways to reach the global consumer despite retail closures throughout the year, delivering over $1 billion in ecomm revenues for the first time. We leveraged our global supply chain capabilities and our evolving geographic manufacturing supplier base to get products made and distributed. We integrated our acquisition of eOne and while live-action TV and film production was limited, we made substantial progress developing Hasbro IP for storytelling that we believe will lead to enhanced revenues and earnings power from Hasbro brands from multiple income streams. We developed toy and game lines for valuable preschool brands PEPPA PIG and PJ MASKS to launch later this year. We concentrated on managing expenses and cash, growing adjusted operating profit margin and finishing the year with $1.45 billion in cash on our balance sheet.
“Importantly, we focused on our numerous communities, including our most important Hasbro community of employees worldwide and their families,” continued Goldner. “This emphasis included engaging on critically important issues of racial equality and justice, and a company-wide re-commitment to diversity, inclusion, and engagement. We are on strong footing to grow in 2021 as we continue to navigate through COVID-19 and leverage our unparalleled portfolio of brands and capabilities in consumer products, gaming and entertainment.”
“Throughout 2020, the global Hasbro team did an excellent job executing in a challenging environment,” said Deborah Thomas, Hasbro’s chief financial officer. “In the fourth quarter, we grew revenues and adjusted operating profit, overcoming tough comparisons within the Partner Brand category and last year’s theatrical releases. Our focus on working capital and expense management delivered $976.3 million in operating cash flow for the year, and as part of our commitment to paying down our debt, we repaid $123 million of the debt that we raised to finance the eOne acquisition. We continue to see strong retail, consumer and audience support for our brands and content as we look to the coming year. Global point of sale increased last year, despite lockdowns and retail disruption, and 2021 is starting with strong year-over-year momentum.”
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