Toymaker Hasbro reported a smaller-than-anticipated decline in first-quarter sales and exceeded profit estimates, mitigating weaker demand for toys with leaner inventories and steady digital gaming revenue. Efforts to optimize inventory throughout 2023 and cost-saving initiatives contributed to an expanded operating margin. Despite a drop in Nerf toy gun sales, the company’s Wizards of the Coast and Digital Gaming segment experienced a 7% revenue increase, driven by popular titles like “Baldur’s Gate III” and “Monopoly Go!”. Hasbro remains on track to meet its fiscal 2024 targets, as previously outlined in February.
