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Hasbro's Tabletop Is On The Up Again
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<blockquote data-quote="Mistwell" data-source="post: 9326420" data-attributes="member: 2525"><p>[URL unfurl="true"]https://icv2.com/articles/news/view/56771/tabletop-games-including-magic-up-hasbro?utm_source=dlvr.it&utm_medium=facebook[/URL]</p><p></p><p><a href="https://icv2.com/articles/news/view/56771/tabletop-games-including-magic-up-hasbro" target="_blank">TABLETOP GAMES, INCLUDING 'MAGIC,' UP AT HASBRO</a></p><p></p><p>As Company Recovers from Post-Covid Issues</p><p>Posted by Milton Griepp on April 24, 2024 @ 2:15 pm CT</p><p></p><p>Hasbro’s total gaming sales, including<em> Magic: The Gathering</em>, were up for Q1 2024, as the overall company began to recover from post-Covid issues.</p><p></p><p>Hasbro total gaming sales, which include <em>Magic: The Gathering, Dungeons & Dragons,</em> and the game products in the company’s consumer products segment (i.e., <em>Monopoly</em> et. al.), were up 6%, from $386.5 million in Q1 2023 to $408.0 million in Q1 this year. <em>Magic: The Gathering</em> sales (including digital) grew 4% to $237.9 million from $229.1 million in the year ago quarter.</p><p></p><p>Sales in the Wizards of the Coast and Digital Gaming segment were up 7%, from $295.2 million to $316.3 million, behind the segment’s blockbuster licensed games, <em>Baldur’s Gate 3</em> and <em>Monopoly Go!, </em>and the growth in <em>Magic: The Gathering</em>. </p><p></p><p>Wizards of the Coast tabletop game sales (i.e., <em>Magic: The Gathering</em> plus <em>Dungeons & Dragons</em>) were up 5%, from $217.9 million to $228.2 million. The timing of <em>Outlaws of Thunder Junction</em> sales, some of which hit Q1 revenues, and the success of the <em>Fallout </em>set were cited as factors. </p><p></p><p>In the conference call, CEO Chris Cocks said that <em>Magic: The Gathering</em> tabletop sales were up about 4%, and since the overall tabletop sales in the segment were up 5%, there’s some indication that sales of <em>Dungeons & Dragons</em> on the tabletop were recovering from Q1 2023, when the OGL controversy was turning off long-term customers. We estimated that year over year sales of D&D were down substantially in 2023, due in part to the OGL issue (see “<a href="https://icv2.com/articles/news/view/56234/hasbro-loses-1-06-billion-q4" target="_blank">Hasbro Loses $1.06B in Q4</a>”).</p><p></p><p><em>Magic: The Gathering</em> “engagement,” which we interpret as largely referring to organized play participation, is back at pre-pandemic levels, Cocks said in the conference call.</p><p></p><p>Digital and licensed game sales in the WotC and Digital Gaming segment were up 14% in Q1, from $77.3 million in 2023 to $88.1 million in Q1 2024.</p><p></p><p>Operating profit in the segment exploded, up 60% to $122.8 million from $76.8 million in Q1 2023, behind the growth in digital licensing revenue and “cost management” (translation: layoffs, see “<a href="https://icv2.com/articles/news/view/56637/hasbro-ceo-talks-layoffs-pivot-games-ogl-magic-overproduction" target="_blank">Cocks on Layoffs</a>”). Operating profit margins in the WotC and Digital Gaming segment were 38.8% of sales for the quarter.</p><p></p><p>Hasbro’s overall revenues were down 24% for the quarter, from $1.0 billion in Q1 2023 to $757.3 million this year. Some of the decline was due to the fact that Hasbro included eOne revenues in Q1 2023, but did not in Q1 2024 (see “<a href="https://icv2.com/articles/news/view/55926/wonka-wins-aquaman-2-sinks-disneys-steamboat-willie-goes-public-domain-what-if-s3-preview-r-i-p-tom-wilkinson-wednesday-spinoff-lionsgate-closes-hasbros-eone" target="_blank">Lionsgate Closes on Hasbro’s eOne</a>”). Without that change, company-wide sales declined 9%.</p><p></p><p>Sales in the consumer products segment (toys, mass games, etc.) were down 21%, due to declines in the category and lower closeout sales compared to Q1 2023, when the company was dumping excess inventory at higher rates. </p><p></p><p>Hasbro’s net earnings were $59.1 million in Q1 2024, compared to a $21.7 million loss in Q1 2023.</p><p></p><p>Hasbro declined to move its guidance for the year (which includes a predicted 3-5% decline in sales in the Wizards of the Coast and Digital Gaming segment) despite a relatively good quarter, indicating that its cautious predictions for the year have not changed, yet.</p></blockquote><p></p>
[QUOTE="Mistwell, post: 9326420, member: 2525"] [URL unfurl="true"]https://icv2.com/articles/news/view/56771/tabletop-games-including-magic-up-hasbro?utm_source=dlvr.it&utm_medium=facebook[/URL] [URL='https://icv2.com/articles/news/view/56771/tabletop-games-including-magic-up-hasbro']TABLETOP GAMES, INCLUDING 'MAGIC,' UP AT HASBRO[/URL] As Company Recovers from Post-Covid Issues Posted by Milton Griepp on April 24, 2024 @ 2:15 pm CT Hasbro’s total gaming sales, including[I] Magic: The Gathering[/I], were up for Q1 2024, as the overall company began to recover from post-Covid issues. Hasbro total gaming sales, which include [I]Magic: The Gathering, Dungeons & Dragons,[/I] and the game products in the company’s consumer products segment (i.e., [I]Monopoly[/I] et. al.), were up 6%, from $386.5 million in Q1 2023 to $408.0 million in Q1 this year. [I]Magic: The Gathering[/I] sales (including digital) grew 4% to $237.9 million from $229.1 million in the year ago quarter. Sales in the Wizards of the Coast and Digital Gaming segment were up 7%, from $295.2 million to $316.3 million, behind the segment’s blockbuster licensed games, [I]Baldur’s Gate 3[/I] and [I]Monopoly Go!, [/I]and the growth in [I]Magic: The Gathering[/I]. Wizards of the Coast tabletop game sales (i.e., [I]Magic: The Gathering[/I] plus [I]Dungeons & Dragons[/I]) were up 5%, from $217.9 million to $228.2 million. The timing of [I]Outlaws of Thunder Junction[/I] sales, some of which hit Q1 revenues, and the success of the [I]Fallout [/I]set were cited as factors. In the conference call, CEO Chris Cocks said that [I]Magic: The Gathering[/I] tabletop sales were up about 4%, and since the overall tabletop sales in the segment were up 5%, there’s some indication that sales of [I]Dungeons & Dragons[/I] on the tabletop were recovering from Q1 2023, when the OGL controversy was turning off long-term customers. We estimated that year over year sales of D&D were down substantially in 2023, due in part to the OGL issue (see “[URL='https://icv2.com/articles/news/view/56234/hasbro-loses-1-06-billion-q4']Hasbro Loses $1.06B in Q4[/URL]”). [I]Magic: The Gathering[/I] “engagement,” which we interpret as largely referring to organized play participation, is back at pre-pandemic levels, Cocks said in the conference call. Digital and licensed game sales in the WotC and Digital Gaming segment were up 14% in Q1, from $77.3 million in 2023 to $88.1 million in Q1 2024. Operating profit in the segment exploded, up 60% to $122.8 million from $76.8 million in Q1 2023, behind the growth in digital licensing revenue and “cost management” (translation: layoffs, see “[URL='https://icv2.com/articles/news/view/56637/hasbro-ceo-talks-layoffs-pivot-games-ogl-magic-overproduction']Cocks on Layoffs[/URL]”). Operating profit margins in the WotC and Digital Gaming segment were 38.8% of sales for the quarter. Hasbro’s overall revenues were down 24% for the quarter, from $1.0 billion in Q1 2023 to $757.3 million this year. Some of the decline was due to the fact that Hasbro included eOne revenues in Q1 2023, but did not in Q1 2024 (see “[URL='https://icv2.com/articles/news/view/55926/wonka-wins-aquaman-2-sinks-disneys-steamboat-willie-goes-public-domain-what-if-s3-preview-r-i-p-tom-wilkinson-wednesday-spinoff-lionsgate-closes-hasbros-eone']Lionsgate Closes on Hasbro’s eOne[/URL]”). Without that change, company-wide sales declined 9%. Sales in the consumer products segment (toys, mass games, etc.) were down 21%, due to declines in the category and lower closeout sales compared to Q1 2023, when the company was dumping excess inventory at higher rates. Hasbro’s net earnings were $59.1 million in Q1 2024, compared to a $21.7 million loss in Q1 2023. Hasbro declined to move its guidance for the year (which includes a predicted 3-5% decline in sales in the Wizards of the Coast and Digital Gaming segment) despite a relatively good quarter, indicating that its cautious predictions for the year have not changed, yet. [/QUOTE]
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