Hasbro’s stock value has plummeted 45% in just three years, and analysts are downgrading them. The once mighty toy company is laying off droves of employees, Wizards of the Coast can’t keep itself out of controversy every other week, and Disney Star Wars and Marvel toys are rotting away at Ollie’s Bargain Outlets. It seems pretty clear that Hasbro has fallen.
Additional Context:
Hasbro, a well-known maker of toys and games, has indeed faced significant challenges over the past few years. The company’s stock has experienced a notable decline, dropping about 45% from levels of $95 in early January 2021 to around $50 in late 2023. This decline is in stark contrast to the approximately 25% increase in the S&P 500 over the same period. The underperformance of Hasbro’s stock is evident, with returns of 9% in 2021, -40% in 2022, and -18% in 2023 (year-to-date), compared to the S&P 500’s returns of 27%, -19%, and 23% in the respective years.
The company’s challenges extend beyond its stock performance. In January 2023, Hasbro announced a layoff of nearly 15% of its global workforce. This decision was part of a broader strategy to achieve significant cost savings by the end of 2025. The layoffs and ongoing investments in systems and supply chains aim to increase profitability and reinvest in core brand growth. Despite these efforts, Hasbro’s preliminary fourth-quarter 2022 results were disappointing. Revenues in this period were down 17% year-over-year, with consumer products and entertainment sectors experiencing significant declines.
The overall picture for Hasbro indicates a company grappling with the tough retail conditions and a changing market. The downturn in their business and the need for significant restructuring and cost-cutting measures reflect the challenges they face in adapting to the current economic environment and consumer trends.
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