Hasbro: 4th quarter consensus misses, share price falls
The American group saw its sales fall by 23% over the last three months of the year, leading to an operating loss of nearly 1.2 billion dollars, taking into account asset write-downs and inventory provisions.
At 0.38 dollars per share, adjusted net earnings per share (EPS) were well below the consensus figure of 0.66 dollars.
For 2024, Hasbro says it expects a 7% to 12% drop in sales of its core consumer toy business.
However, the company says it is starting 2024 with a healthier balance sheet and a leaner cost structure, which should enable it to improve its financial performance in 2024.
Hasbro now says it is targeting savings of $750 million a year by the end of 2025, compared with $350-400 million up to now.
In pre-market trading, the stock was down more than 10% on Tuesday morning following this publication.
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