Consumer
Toy Stocks Tumble on Weaker Sales Outlook Ahead of the Holidays
- The toymaker lowers annual revenue forecast by 13-15%
- Entertainment sales fell 42% due to actors and writers strikes
Sales fell to $1.5 billion, missing projections of $1.65 billion.
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Hasbro Inc. fell after reporting quarterly results that missed Wall Street estimates on sales and earnings and lowering its annual revenue forecast due to a softer toy market heading into the holiday season.
Third-quarter earnings fell to $1.64 a share, Hasbro said, missing the $1.68 average of analyst estimates, according to Bloomberg consensus. Sales fell to $1.5 billion, missing projections of $1.65 billion. The maker of Monopoly and Transformers now expects its revenue to fall by 13-15%.