Hasbro expects 2023 revenue to tumble 13% to 15% compared to a prior forecast of a 3% to 6% decline
The Monopoly maker expects 2023 revenue to tumble 13 per cent to 15 per cent compared to a prior forecast of a 3 per cent to 6 per cent decline.
“Although the impact of the broader toy category declines has changed our Consumer Products and total Hasbro outlook, we are growing share in the categories where we compete,” CEO Chris Cocks said. Demand across the toy industry has weakened since a pandemic surge as consumers re-allocate their budget to cover for household essentials amid rising prices and higher borrowing costs.
Analysts have warned that uncertain holiday spend and softer toy demand could prompt retailers to keep supply tight and offer steep discounts to avoid a pileup like last year.
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