Hasbro ( NASDAQ: HAS ) shares headed higher on Tuesday as CEO Chris Cocks outlined plans for robust annual sales growth and 50% profit growth in coming years.
During the presentation, Cocks indicated that the company is targeting $8.5B in revenue per annum by 2027, led by an expected surge in entertainment revenue and double-digit annual growth in licensed products. Further, the company expects to implement annual cost savings of up to $300M to improve bottom line performance while exiting unprofitable lines of business.
Shares of the Pawtucket-based toy manufacturer moved up by 5.55% on Tuesday. Other toy stocks ticking higher on the day included Mattel ( MAT ) +4.51% , Funko ( FNKO ) +4.33% , and JAKKS Pacific ( JAKK ) +5.98% .
Keep an eye on other catalysts for the start of October .
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Hasbro stock surges as CEO targets strong sales growth, cost savings