Hasbro Faces Steep Declines in Sales, Warns of Tough Year Ahead

The toy giant reported a significant drop in fourth-quarter sales and anticipates further declines in 2024, despite efforts to streamline operations and focus on core brands.

• Hasbro's fourth-quarter sales plummeted by 23%, with a notable decrease in its Consumer Products and Entertainment segments.
• The company's stock fell over 6% following the announcement, reflecting investor concerns over future performance.
• CEO Chris Cocks emphasizes a long-term turnaround strategy, focusing on 'fewer, bigger, better' products and cost-cutting measures.
• Hasbro plans to cut costs by $750 million by the end of 2025, up from a previous target of $350 to $400 million.
• Despite challenges, Hasbro sees potential for growth in 2025, banking on its core toy and game brands.

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