Hasbro, Inc. today reported financial results for the third quarter 2024.
In the report, the company showed an overall decline of 15 percent. Its Wizards of the Coast and Digital Gaming segment, which includes Magic: The Gathering and Dungeons & Dragons declined 5 percent due to the lap of Baldur's Gate 3 and Consumer Products declined 10 percent behind softer volume.
Despite the across-the-board losses within the company and its subsidiaries, the company's flagship Wizards of the Coast product, Magic: The Gathering, enjoyed a three percent increase behind growth in tabletop and MTG Arena. Still, operating profit within the company's WotC and Digital Gaming segment declined 11 percent and operating margin of 44.9 percent, down 3.1 points due to lower digital licensing revenue. Year-to-date, the segment is up with an increase of 7 percent, driven by growth in Magic: The Gathering and strength in Licensed and Digital Gaming.
“Outperformance within our gaming and licensing businesses in the third quarter highlights the strength in two of our highest profit areas,” said Chris Cocks, Hasbro Chief Executive Officer. “Our key initiatives around digital, licensing and reinvigorating our product innovation are bearing fruit.”
Hasbro's Consumer Products Segment decrease of 10 percent driven by exited brands, reduced closeouts and softer than anticipated volume; declines partially offset by new product innovation and strength in consumer products licensing. The company's Entertainment Segment decline of 86 percent, impacted by the eOne divestiture; absent this impact, revenue declined 17 percent driven by the timing of the delivery of deals.
BUSINESS WIRE contributed towards this article