While revenues from its family brands segment rose, overall entertainment revenues at Hasbro fell 42 percent, largely due to the writers’ and actors’ strikes.<\/p>\n
Top-line Q3 revenues at Hasbro fell 10 percent to $1.5 billion as strong gains in the Wizards of the Coast and digital gaming segment could not\u00a0offset the declines in consumer products and entertainment.<\/p>\n
\u201cOur third quarter results highlight the strength of Hasbro\u2019s diversified toy and game portfolio and the progress we have made on our transformation,\u201d said Chris Cocks, CEO. \u201cWizards of the Coast and digital gaming delivered a standout performance. We are taking action to address the tougher macroenvironment across toys and entertainment and are positioning the company to return to profitable growth. Building on the strategy we outlined a year ago, we’re growing share behind our franchise brands in core categories, driving savings and investment capacity through operational excellence and building new growth for the company across games, direct to consumer and licensing. With the upcoming sale of the eOne film and TV business, we are refocusing our company on what has traditionally made us great, the business of play. We believe in the long-term growth potential of toys and are leaning in. Our plan for Q4 is to drive share over the holiday, exit the year with clean inventory, a much-improved corporate overhead, and a clear runway for introducing new product innovation and go-to-market support in the quarters ahead.\u201d<\/p>\n
Entertainment revenues fell 42 percent to $122.9 million, but family brands revenues within that segment were up 53 percent. Consumer products revenues were down 18 percent to $956.9 million. At the Wizards of the Coast and digital gaming segment, revenues rose 40 percent to $423.6 million.<\/p>\n
The company reported a Q3 loss of $171.1 million.<\/p>\n","protected":false},"excerpt":{"rendered":"
While revenues from its family brands segment rose, overall entertainment revenues at Hasbro fell 42 percent, largely due to the writers’ and actors’ strikes.<\/p>\n","protected":false},"author":290,"featured_media":26169,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":0,"footnotes":""},"categories":[21],"tags":[8636,166],"class_list":["post-26168","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-top-stories","tag-chris-cocks","tag-hasbro","pmpro-has-access"],"yoast_head":"\n