Potential industry slowdown in toy sales weighs on shares of Hasbro and Mattel

📆 26-10-2023 16:09:00
📰 AP

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Hasbro’s third-quarter revenue performance missed Wall Street’s expectations and the company cut its full-year revenue outlook again as signs of a possible industry slowdown in toy sales heading into the holiday season weighs on jittery investors. For the quarter, Hasbro’s revenue slipped to $1.5 billion from $1.68 billion.

FILE - The Hasbro logo is seen on April 26, 2018, in New York. Hasbro’s third-quarter revenue performance missed Wall Street’s expectations and the company cut its full-year revenue outlook again as signs of a possible industry slowdown in toy sales heading into the holiday season weighs on jittery investors.

For the quarter, Hasbro’s revenue slipped to $1.5 billion from $1.68 billion. Analysts polled by Zacks Investment Research were looking for higher revenue of $1.64 billion.The Pawtucket, Rhode Island-based company now foresees full-year revenue falling 13% to 15%, driven by a softer toy outlook for its consumer products division, which includes toys, games, clothing, music and other categories.

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Potential industry slowdown in toy sales weighs on shares of Hasbro and MattelHasbro’s third-quarter revenue performance missed Wall Street’s expectations and the company cut its full-year revenue outlook again as signs of a possible industry slowdown in toy sales heading into the holiday season weighs on jittery investors.
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