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UPDATE 1-Hasbro beats first-quarter revenue estimates on gaming boost

Reuters
·2 min read

(Adds details on results, background)

April 27 (Reuters) - Hasbro Inc topped Wall Street expectations for quarterly revenue on Thursday, boosted by strong growth in the company's digital gaming segment at a time when demand for its toys has taken a hit from a drop in consumer discretionary spending.

Following bumper revenue growth during the peak of the pandemic, U.S. toymakers are seeing a slowdown in demand while retailers are also cutting down on toy orders under the weight of inflation and worries of a recession.

While demand for Hasbro's NERF blasters, Play-Doh and Peppa Pig toys fell in the first quarter, the company saw strong fan engagement in its Wizards of the Coast and Digital Gaming segment, with revenue from its "Magic: The Gathering" card game up 16%.

Hasbro faced a backlash from the Magic fan community late last year with players criticizing the company for overprinting its playing cards and scheduling several releases within a short window of time.

The company has since then returned to spreading out releases for this year, with the February release of its "Phyrexia: All Will Be One" game set driving sales.

Hasbro also saw robust demand for its "Dungeons & Dragons" role-playing game in the quarter.

The company reported an adjusted profit of 1 cent per share in the first quarter, in line with analysts' estimates, according to Refinitiv IBES data, while also maintaining its annual sales and earnings forecasts.

In contrast, rival Mattel Inc on Wednesday posted a bigger-than-expected quarterly loss, pinched by retailers trimming orders for its Barbie and Hot Wheels toys.

Hasbro reported net revenue of $1.00 billion in the quarter, compared with $1.16 billion a year earlier. Analysts had expected revenue of $878.4 million, according to Refinitiv IBES data. (Reporting by Deborah Sophia in Bengaluru; Editing by Shounak Dasgupta)