Toymakers Mattel, Hasbro plunge on signs of challenging holiday season

KT&G

26/10/2023 17:40

(Updates)
    ** Shares of Monopoly-owner Hasbro  HAS.O  slump as much as
15.3% to $46.37, while those of rival and Barbie-parent Mattel
 MAT.O  tank up to 19.4% to $16.2
    ** HAS cuts annual revenue forecast for the second time this
year; CEO Chris Cocks says holiday season is going to be
"unpredictable" 
        ** HAS expects full-year revenue to decline between 13%
and 15% vs prior forecast of a 3% to 6% drop
    ** After market's close on Wednesday, MAT maintained its
annual sales forecast despite topping Q3 estimates and warned of
a demand slowdown in the broader toy industry
        ** HAS shares eye worst day since March 16, 2020, while
MAT declines most since Feb. 9
  
    ** Hasbro slashing its outlook and Mattel maintaining its
guidance even after the blockbuster success of "Barbie" movie
are clear signs of weakening demand - Insider Intelligence
analyst Zak Stambor
    ** Up to last close, HAS down ~10% YTD, while MAT up ~12%

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