Hasbro: no toy story as FY targets reduced
(CercleFinance.com) - On Thursday Hasbro announced a reduction in its forecasts for 2023, after unveiling an operating loss in Q3.
The US toy and games manufacturer now expects FY sales to fall by 13% to 15%, due to weak consumer product sales.
It also forecasts FY adjusted EBITDA of $900m to $950m.
Hasbro posted a Q3 operating loss of $169.5m on sales that fell 10% to $1.5bn.
Here again, the 18% decline in sales of consumer toys could not be offset by the strength of its "Wizards of the Coast" digital and role-playing games (+40%).
Following these announcements, the stock was down over 12% in pre-market trading in New York.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The US toy and games manufacturer now expects FY sales to fall by 13% to 15%, due to weak consumer product sales.
It also forecasts FY adjusted EBITDA of $900m to $950m.
Hasbro posted a Q3 operating loss of $169.5m on sales that fell 10% to $1.5bn.
Here again, the 18% decline in sales of consumer toys could not be offset by the strength of its "Wizards of the Coast" digital and role-playing games (+40%).
Following these announcements, the stock was down over 12% in pre-market trading in New York.
Copyright (c) 2023 CercleFinance.com. All rights reserved.