Hasbro fell short of Wall Street estimates for third-quarter revenue on Tuesday, hit by weak demand for its toys such as Nerf guns, My Little Pony and Play-Doh.
Shares of Hasbro dropped more than 10% after the toymaker fell short of Wall Street estimates for quarterly profit on Tuesday.The company also faced sluggish demand for its toys, as customers switch to video games or games on their tablets, phones, and computers from traditional toys and board games.
Hasbro recorded higher shipping and warehousing expenses as a result of the disruption and shift of retailer order patterns, the company noted in its earnings report. Franchise brand revenue decreased by 8% to $779.97 million. Although revenue increased for brands Magic: The Gathering and Transformers in the third quarter, these gains were offset by poor sales in Nerf, My Little Pony, Baby Alive and Play Doh.
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