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Hasbro profit misses the mark as toy maker faces high inventory and inflation
Seems a slight slump for the game, probably just inflation woes, and some issues, with magic but still concerning.Revenue for the period fell 15% compared to last year, dragged down by a 35% decrease in entertainment revenue. Its Wizards of the Coast unit, which includes “Dungeons & Dragons” and “Magic: The Gathering,” saw revenues decline 16%.
As prices for goods and supplies surge, the toy and game giant has increased prices for products like Nerf Blasters and My Little Pony figures.
For the fourth quarter, the company expects flat results versus last year, buoyed by the “Magic: The Gathering” brand. The digital and trading card game has grown into the company’s first $1 billion brand and the 30th anniversary of the game occurs in the fourth quarter.