Why Hasbro Stock Was Up Today
Shares of Hasbro (NASDAQ: HAS) were up 2.3% as of 2:12 p.m. ET on Thursday. The company missed revenue and earnings estimates, as lower consumer spending in the holiday quarter impacted demand for toys and games.
However, investors already had low expectations, given the fall in the stock over the last year.
It was a very challenging retail environment during the fourth quarter, which hit the Transformers owner hard. Weak performance across the business, including its usually strong gaming segment, led to a decline of 6% on a currency-neutral basis in 2022, with revenue falling 14%, adjusted for currency, in the fourth quarter. Management noted that they made progress to bring inventory in line with demand, but there is still work to do.
Source Fool.com
