Fitch changes Hasbro outlook to negative

Fitch Ratings said it revised its outlook for Hasbro Inc. to negative from stable and affirmed its BBB- issuer and senior unsecured ratings.

“Hasbro's 2023 sales declined by 14.6% to $5 billion from $5.86 billion in 2022, driven by lower film and TV development, exiting licenses, lower content from partner brands, and soft consumer demand. Fitch expects Hasbro's revenue will decline again in 2024 to around $4.1 billion, driven by the divestiture of the TV and Film business (eOne) in December 2023, planned business exits and soft consumer demand. Fitch's projection of around $4.1 billion in revenue represents a decline of over 10% compared to 2019 (pre-pandemic) levels,” the agency said in a statement.

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