Hasbro, Mattel fall on mounting worries over toy demand during holiday shopping

KT&G

26/10/2023 15:35

(Updates)
    ** Shares of Monopoly-owner Hasbro  HAS.O  tumble 11.9% to
$48.26, while rival Barbie-parent Mattel  MAT.O  falls 9.8% to
$18.15
    ** HAS cuts annual revenue forecast for the second straight
time and MAT warned of a slowdown in the industry ahead of the
crucial holiday season 
    ** HAS expects full-year revenue to decline between 13% and
15%, compared with its previous forecast of a drop of 3% to 6%
    ** "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
    ** MAT maintained its annual sales forecast despite topping
Q3 estimates
    ** "Investors are likely going to take a wait-and-see
approach around the holidays before the stock is positioned to
resume an upward trajectory," said Roth KMK in a note, on Mattel
    ** Up to last close, HAS down ~10% YTD, while MAT up ~12%

 (Reporting by Juveria Tabassum in Bengaluru)
 ((Juveria.Tabassum@thomsonreuters.com;))