Hasbro’s Q1 results topped expectations as consumers spend on toys despite inflation and high gas prices.
Hasbro reported stronger-than-expected first-quarter earnings as US consumers continue prioritizing discretionary spending on toys. CEO Chris Cocks attributed the resilience to parents safeguarding purchases for children amid inflation and rising costs elsewhere, such as $100 dinners and $70-$80 gas fill-ups.
The company saw demand hold steady despite economic uncertainty, though shares fell 8% on Wednesday. Hasbro maintained a cautious outlook for the year, citing normalized growth in its “Magic: The Gathering” franchise and broader demand risks.
A standout product, the $600 Star Wars Ultimate Grogu collectible, sold out within 20 minutes of release, underscoring strong fan engagement ahead of the “Mandalorian and Grogu” movie debut.