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Headline : Hasbro Hikes Profits on Q1 Turnaround

Read more from the original article on here at www.baystreet.ca.





Tags : #hasbro #hikes #profits #q1 #turnaround


No. of Paragraph 9

Hasbro (NASDAQ:HAS) shares leaped Wednesday, after it reported a smaller-than-expected drop in first-quarter sales and easily beat profit estimates on Wednesday, as leaner inventories and steady digital gaming revenue helped cushion a drag from softer demand for toys.

The Play-Doh maker has grappled with weakening demand over the past year amid a pullback in discretionary consumer spending and tight inventory planning by mass retailers like Walmart (NYSE:WMT) and Target (NYSE:TGT).

However, efforts to clean up its inventory throughout 2023, along with cost efficiencies, helped its operating margin expand to 15.3%, from 1.8% last year.

The company’s owned inventory was down 53% in the quarter from the previous year, including a 57% decline for the Consumer Products unit.

Read more from the original article on here at www.baystreet.ca.


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