Hasbro has announced its full year and fourth quarter 2019 financial results, reporting that net revenues for the full year increased three per cent to US$4.72 billion.
Net earnings for 2019 were US$520.5 million compared to US$220.4 million in 2018.
In the international segment, Hasbro's net revenues declined one per cent from US$1.85 billion in 2018 to US$1.84 billion in 2019.
In the Asia Pacific market Hasbro reported a three per cent increase, while Europe remained steady and Latin America declined by four per cent.
Hasbro chairman and CEO Brian Goldner said that the business was pleased with the results.
"The global Hasbro team delivered a good year and achieved key objectives we set for 2019.
"We profitably grew revenues across regions absent foreign exchange supported by the successful execution of our channel strategy; we delivered growth in Magic: The Gathering driven by the successful launch of Arena and we executed at a high level during the holiday season.
"Our acquisition of Entertainment One accelerates our Brand Blueprint strategy and significantly expands our expertise and capabilities as a global play and entertainment company.
"Our teams are actively engaged to unlock value across our organisation - in gaming, in toys, in consumer products and in entertainment," he said.
In the key Christmas trading period Hasbro's Frozen 2 and Star Wars products helped foster growth, with Hasbro's fourth quarter net revenues increasing by three per cent to US$1.43 billion compared to US$1.39 billion in 2018.
Net earnings for Q4 2019 were US$267.3 million compared to US$8.8 million in Q4 2018.
Hasbro CFO Deborah Thomas said that the fourth quarter proved strong for the business.
"Our teams worked extremely hard and executed at a high level this holiday, driving fourth quarter and full-year revenue and profit growth while also diversifying our supply chain and preparing to close a major acquisition.
"We are strongly positioned to continue investing in long-term drivers of the business, including brand innovation, gaming and entertainment, as we also focus on returning to our stated gross debt to EBITDA target of 2.0 to 2.5X over the next three to four years," she said.
The results were released on 11 February.
To read the full report, click here.