Hasbro Says Fourth Quarter Sales Were Weak
Hasbro says that people bought fewer toys than it had expected during the crucial holiday season and says revenues will probably decline for both the fourth quarter and the year.
The company, which makes products like Transformers action figures and the game Scrabble, said Friday that full-year revenue will be $4 billion, lower than the $4.07 billion reported last year.
Analysts were looking for revenue of $4.12 billion, according to FactSet.
Fourth-quarter revenue is expected to be down 7 percent to $1.3 billion.
The company says it expects a modest increase in earnings per share for the year compared with last year's $2.48 per share. Analysts are expecting $2.70 per share.
Shares of the company were down almost 5 percent in pre-market trading. Get real-time quotes for Hasbro here.