Hasbro Inc. reported its financial results for the first quarter of 2021. First quarter revenues were $1.11 billion, up 1% with 14% revenue growth in the Consumer Products segment and 15% growth in the Wizards of the Coast and Digital Gaming segment.
“The global Hasbro team executed a very good quarter, driving strong sell in and demand in the Consumer Products segment; growing both analog and digital revenues in Wizards and our licensed digital gaming business; and positioning us to deliver growth for the full year in the Entertainment segment,” said Brian Goldner, Hasbro’s chairman and chief executive officer. “We continue to target full-year double-digit revenue growth for Hasbro supported by innovation and quality execution throughout the business. Across Hasbro we are focused on unlocking the full potential value of our brands and capabilities as a play and entertainment leader.”
“Our first quarter started the year well,” said Deborah Thomas, Hasbro’s chief financial officer. “The team delivered revenue and profit gains, as well as strong cash generation, ending the quarter with $1.43 billion in cash, after retiring $300 million in debt and paying our quarterly dividend.”
Revenues grew in franchise brands, including Magic: The Gathering, Play-Doh, Nerf, Transformers and Baby Alive. Partner brands revenue increased behind gains in Hasbro products for Lucasfilm’s Star Wars and The Mandalorian, Marvel’s Spider-Man franchise, and Marvel Studios content on Disney+, and Disney Princess. Emerging brands revenue increased with several properties contributing and Hasbro Gaming declined slightly versus the strong growth reported in the first quarter of last year.
Consumer Products segment revenue and operating profit grew driven by broad-based gains in Hasbro brands and products, including Play-Doh, Nerf, Transformers, Star Wars, and Disney Princess. Revenue grew in all geographic regions, led by the U.S. and Europe
Entertainment segment revenue declined due to expected difficult comparisons in the TV and film business. The theatrical business continues to be impacted by COVID-related theater shutdowns, whereas last year theaters were open for most of the quarter. Scripted TV deliveries are slated to increase later in the current year and Hasbro is targeting returning to 2019 levels of revenue for the full-year 2021 in the TV and film business.
Read the full report here.