Toy Maker Hasbro Eyes Cost Savings; Cuts FY22 Sales Outlook - Hasbro (NASDAQ:HAS)

Hasbro Inc HAS hosted its first investor day under the leadership of CEO Chris Cocks.
HAS is implementing an Operational Excellence program designed to deliver $250 million - $300 million in run-rate cost savings over the next three years, with $150 million expected in run-rate savings by year-end 2023.
HAS remains on track to return to its 2.0 to 2.5X gross debt to EBITDA target in 2023. It also intends to return excess cash to shareholders through its long-standing dividend and a future share repurchase program.
Outlook: HAS expects a Q3 revenue decline of approximately 15% as reported and approximately 12% at constant currency, with operating profit impacted more significantly due to the mix of revenue being different than last year.
For 2022, HAS sees revenue to be flat -slightly down in the constant currency (prior view low-single-digit revenue growth on a CC basis).
For FY27, Hasbro sees mid-single digit revenue CAGR leading to $8.5 billion or greater in revenue.
HAS predicts operating profit growth of 50% over the next three years, with plans to further expand the operating profit margin to 20% by 2027.
Price Action: HAS shares are trading higher by 1.42% at $69.96 on the last check Tuesday.