Toymaker Hasbro disappointed investors with its results on Thursday, joining Barbie-maker Mattel in warning of a weak holiday season.
According to a new survey by Deloitte Canada, holiday household spending is expected to fall 11 percent this year, the lowest it has been in five years. Grace Ke has more on how consumer habits around the holidays are changing – Oct 17, 2023disappointed investors with its results on Thursday, joining Barbie-maker Mattel in warning of a weak holiday season and indicating that consumers are being frugal heading into the most important period for retailers.
Hasbro expects 2023 revenue to tumble 13 per cent to 15 per cent compared to a prior forecast of a three per cent to six per cent decline.“Retailers will remain cautious with their inventory positions which will have an impact on typical holiday order patterns,” CFO Gina Goetter said on a post-earnings call.The Monopoly maker’s third-quarter revenue and profit also missed market expectations, with revenue from its core toy business dropping 18% as shoppers cut back on non-essential spending.
“Hasbro’s earnings reflect the reality of the challenges facing the broader toy industry this year. In many ways, 2023 has been a reset year,” said James Zahn, editor of trade magazine The Toy Book.
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