Earlier this week, Mattel and Hasbro introduced that they’ve entered into multi-year licensing agreements to create co-branded toys and video games from a few of their hottest manufacturers.
Shares of Hasbro Inc (NASDAQ: HAS) and Mattel Inc (NASDAQ: MAT) edged larger on Thursday, April 28, 2023, after the 2 veteran toy firms reported first-quarter monetary outcomes. Hasbro shares closed Thursday buying and selling at $58.93, up 14.63 % from the day’s opening value. Alternatively, MAT shares closed the day buying and selling at $18, up 6.07 % from the opening value.
Hasbro Q1 Monetary Outcomes
In keeping with the corporate’s Q1 2023 monetary outcomes, Hasbro topped analysts’ expectations after reporting web income of $1 billion, whereas Wall Road estimated the toy firm would put up web income of $878.4 million throughout the quarter.
Nonetheless, the corporate’s income declined by roughly 14 % from $1.16 billion throughout the identical interval final yr.
Notably, the corporate’s wizards and digital gaming web income elevated by 12 % YoY with development in each MAGIC and D&d. MAGIC Reportedly, THE GATHERING reported income development of about 16 %.
“We anticipate the constructive momentum for MAGIC to proceed with Q1 additionally seeing one in all our most profitable pre-orders ever for our upcoming Universes Past The Lord of the Rings: Tales of Center-Earth set which can launch in late Q2. Given our launch calendar, we anticipate income for MAGIC to be down in Q2 however up solidly in Q3 and for the total yr,” Chris Cocks, Hasbro CEO, noted.
Mattel Q1 Outcomes
Through the first quarter, Mattel posted web gross sales of about $815 million, down 22 % YoY. Consequently, the corporate famous that its web loss for the primary quarter got here in at roughly $106 million, in comparison with final yr’s web revenue of about $21 million.
“Whereas retail stock administration impacted the primary quarter’s outcomes, the underlying enterprise carried out nicely. Mattel achieved development and gained market share, per Circana. The basics of our enterprise are robust. We anticipate to outpace the trade, achieve market share, and obtain our full-year steering. We’re nicely positioned to proceed executing our multi-year technique and create long-term shareholder worth,” Ynon Kreiz, Chairman and CEO of Mattel, noted.
Mattel and Hasbro: Future Outlook
Earlier this week, Mattel and Hasbro introduced that they’ve entered into multi-year licensing agreements to create co-branded toys and video games from a few of their hottest manufacturers. Reportedly, Hasbro will create Barbie-branded Monopoly video games which might be anticipated to launch later in 2023. Alternatively, Mattel will produce Transformers-branded UNO video games, which can equally be launched later this yr. Moreover, Mattel will debut Transformers-branded Sizzling Wheels automobiles early in 2024.
“With the foremost theatrical releases of the Transformers and Barbie films in summer time 2023, we’re excited to carry brand-new play experiences to followers, households, and film and toy lovers all all over the world,” stated Casey Collins, President, International Licensed Client Merchandise & Enterprise Improvement.
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