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.
Holiday shopping is traditionally a critical selling season for toy companies and can comprise a large portion of their annual toy sales.
Rival Mattel Inc. had a better third quarter, reporting on Wednesday that its sales rose 9% in the period.
Still, experts are pointing to toy industry sales being down for the year to date and the third quarter as a concern.
Mattel Chairman and CEO Ynon Kreiz said during a conference call on Wednesday that the company anticipates the global toy industry will experience a mid single-digits decline in toy sales for the full year.
Persons:
Barbie, Ynon Kreiz
Organizations:
Zacks Investment Research, Hasbro, Mattel Inc, Mattel
Locations:
Pawtucket, Rhode Island