Hasbro (HAS.O) cut its annual revenue forecast for the second time this year, joining rival Mattel to warn of choppy toy sales in the holiday quarter, sending its shares down 10% before the bell on Thursday.
People walk past the Beyblade Burst Speedstorm, by Hasbro, Inc., on display in the FAO Schwarz toy store in Manhattan, New York City, U.S., November 24, 2021. REUTERS/Andrew Kelly/File photocut its annual revenue forecast for the second time this year, joining rival Mattel to warn of choppy toy sales in the holiday quarter, sending its shares down 10% before the bell on Thursday.
The toymaker's third-quarter revenue and profit also missed market expectations as shoppers cut back on non-essential spending. Demand across the toy industry have weakened since a pandemic surge, as consumers re-allocate their budget to cover for household essentials against the backdrop of rising prices and higher borrowing costs.
The maker of Transformers action figures expects its toy business to decline in mid- to high-teens for the year compared with mid-single digits decline it forecast earlier.
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