Toy giants Mattel and Hasbro decreased 2024 guidance prior to the holiday season as toy sales continue to fall during the third quarter.
Mattel and Hasbro decreased guidance for the end of the year as toy sales continue to drop during the third quarter.
While the outlook on holiday toy spending is mixed, spending as a whole is expected to increase throughout the season from $979.5 billion to $989 billion, according to the National Retail Federation.decreased their end-of-year guidance ahead of the key holiday season as toy sales continue to slide during the third quarter.Earnings per share for both toy giants beat out Wall Street expectations, while revenue missed, according to consensus estimates compiled by LSEG.
The lowered guidance comes before the important holiday season, where softened results could have major effects for retail companies like Mattel and Hasbro.Aside from building block sets, Hasbro expects the toy market to continue to see a trend of softened sales into the holiday season.
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