Hasbro Reports 17% Decline in Revenue, No Mention of Move to Boston on Investor Call

Hasbro Reports 17% Decline in Revenue, No Mention of Move to Boston on Investor Call

Hasbro announced that revenues were down 17% for 2024, but there was no mention that the company was moving to Boston.

On Thursday morning, multiple announcements were made on an investor call for the company’s fourth-quarter and full-year financial results, but no mention of the future of the corporate headquarters located in Pawtucket.

The 101-year-old Rhode Island company was founded by brothers Herman, Hillel, and Henry Hassenfeld, who started the business as a rag company, 

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Over the next century, Hasbro grew to be the largest toy operation in the world, employing thousands. But has been battered in recent years with cuts and weak stock performance.

The company faces additional challenges as the Trump administration is threatening tariffs for products manufactured in China.

The company defined much of our lives with toys and games, including Mr. Potato Head, G.I. Joe, Nerf, Monopoly, and Transformers, to name just a few.

 

The 2024 Performance 

Hasbro's 2024 revenues were down and down significantly.

Full year Hasbro revenue declined 17% driven primarily by the eOne divestiture; excluding this impact, revenue declined 7%. Growth of 4% in the Wizards of the Coast and Digital Gaming segment was offset by declines in Consumer Products (-12%) and Entertainment (-88%, or -4%) excluding the eOne divestiture).

“I’m proud of our team for delivering what we promised in 2024: we grew in games and licensing, stepped up our operational efficiency, and vastly improved the performance of our toy business,” said Chris Cocks, Hasbro’s Chief Executive Officer. “In 2025, we’re excited to bring a stellar lineup of toys and games to fans, expanding the reach of our IP through outstanding partnerships while we continue to focus on operational rigor and anticipating the future of play.”

“The Hasbro team delivered our 2024 plan, significantly improved profitability, and strengthened the balance sheet while continuing to invest in the business and return cash to shareholders,” said Gina Goetter, Hasbro’s Chief Financial Officer and Chief Operating Officer. “We are optimistic about growth opportunities in 2025 and beyond as we execute our strategy behind a powerful portfolio of brands.”

The executives of the company will continue to see more cost savings through 2025.

On Thursday's investor call, she predicted that the company would only grow in the single digits between 2025 and 2027.

On the good news side, Hasbro’s adjusted earnings-per-share in the fourth quarter were 46 cents, which beat the average analyst estimate of 34 cents.