The Hasbro board praised the company for an excellent job in unprecedented circumstances as strong growth for consumer products led to the impressive results.
Hasbro has reported financial results for the fourth quarter and full-year 2021. In 2021, net revenues increased 17% to $6.42b, with the Wizards of the Coast and Digital Gaming segment revenues up 42%. Meanwhile, the company reported its Entertainment segment revenues were up 27%, and Consumer Products segment revenues up 9%.
Operating profit of $763.3m, or 11.9% of revenue, was up from 9.2% of revenue in 2020.
“The Hasbro team finished the year strong and delivered an exceptional full-year 2021, including another record revenue year for Wizards of the Coast, strong revenue growth for consumer products and a robust, progressively more Hasbro brand-led, content slate to return to 2019 levels of deliveries for entertainment,” said Rich Stoddart, Hasbro interim chief executive officer. “Fans and consumers are increasingly interacting with brands in more ways than ever—our unique set of strategic assets across toys and games, entertainment, digital gaming and licensing provide the foundation for maximizing the value of both our existing franchises and new IP.”
“Throughout 2021, and finishing with focused execution in the fourth quarter, the Hasbro team did an excellent job in unprecedented circumstances,” added Deborah Thomas, Hasbro chief financial officer. “We delivered strong results, including 17% revenue growth for the year, higher operating profit margins and $818m in operating cash flow, while successfully navigating supply chain challenges, including higher fourth quarter input and freight costs across our business. This enabled us to continue investing in growth initiatives, pay off $1.08b in long-term debt in 2021 and continue supporting our dividend. Long-term investments in our brands and capabilities have built a differentiated business with diversified capabilities to drive long-term profitable growth and enhance shareholder value.”
For the full-year 2021, revenues grew in all brand portfolio categories: Franchise Brands, Partner Brands, Hasbro Gaming, Emerging Brands and TV/Film/Entertainment. Top brand performances included Magic: The Gathering, Nerf, Peppa Pig, My Little Pony and Transformers, as well as robust growth in Hasbro products for the Marvel portfolio, led by the Spider-Man franchise including products in support of the feature film Spider-Man: No Way Home and the new animated show Spidey and his Amazing Friends.
The company more than doubled revenue through Hasbro Pulse, Hasbro’s fan focused D2C platform, and successfully launched Hasbro’s first NFT with Power Rangers. TV/Film/Entertainment revenues grew with increased deliveries in scripted, unscripted and animated television and film.
“It has been an honour to lead this talented team over the past several months,” added Rich Stoddart. “I am confident that Chris Cocks will bring tremendous vision and passion while accelerating our performance-driven culture as he takes over as CEO on February 25th.”