Hasbro, Inc. has published its latest financial report, covering the second quarter of 2022 ended on June 26. The report includes information about revenue, operating profit, net earnings and EBITDA. The company continued to consolidate its growth in the second quarter, achieving a good pace of adjusted operating margin expansion.
Wizards of the Coast Drives Results for Hasbro
Commenting on this, Hasbro CEO Chris Cocks said that Wizards of the Coast achieved 15% growth in tabletop gaming over the quarter with additional 11% growth attributed to “Magic: The Gathering” across different platforms. Cocks confirmed that Hasbro has made significant improvements in its digital play and direct-to-fan capabilities:
We also significantly enhanced our digital play and direct-to-fan capabilities with the acquisition of D&D Beyond which will serve as an important growth driver for Hasbro’s industry leading fantasy gaming portfolio.Hasbro CEO Chris Cocks
The executive added that Hasbro was actively exploring opportunities to achieve better cost savings across the company’s businesses. He commended Hasbro’s brand building capabilities and assured that the company remains positioned to continue delivering on profitable growth and long-term shareholder ROI.
The company reported strong demand for “Magic: The Gathering,” a trading-card game that has taken over the physical and digital spaces. Hasbro confirmed that increase in pries has not turned away fans. The company’s adjusted net earnings stood at 10% to $160.6 million in the quarter.
Magic: The Gathering Major Sets Cross $100M Sales
Net revenue increased by 1% to $1.34 billion for the quarter. Hasbro recognized that the low product costs of many of its top performing games, as well as the higher pries for games such as My Little Pony figures and Nerf blasters have contributed to the quarterly success. Adjusted EBITDA stood at $308.3 million, up 6%.
The company said that digital and licensed gaming for Wizards of the Coast declined by 36%, but it reflects on what the company’s updated described as difficult comparison year-over-year as “Magic: The Gathering Arena” mobile and “Dark Alliance” were released last year.
Hasbro confirmed that its “Magic: The Gathering” products saw 11% growth in revenue. It was the first time in the company’s history that every major set managed to cross the $100-million threshold in sales. Wizards of the Coast also acquired “Dungeons & Dragons: Beyond” from Fandom in May for the sum of $146.3 million in cash.