Toymaker Hasbro Inc, known for brands such as Monopoly, Nerf and My Little Pony, on Monday reported lower-than-expected quarterly results on weak sales in North America during the holiday season.
The latest U.S. holiday sales turned out to be among the weakest since 2008, when the U.S. economy was reeling from a recession. Bad weather, limited discretionary dollars for many shoppers and six fewer days between Thanksgiving and Christmas in 2013 hurt results for many companies.
Even toy industry leader Mattel Inc missed analysts’ expectations in the quarter covering the key selling season.
Hasbro, the second-largest U.S. toy company, said its net earnings in the fourth quarter fell to $129.8-million, or 98 cents a share, from $130.3-million, or 99 cents a share, a year earlier.
Excluding restructuring charges and other items, Hasbro earned $1.12 a share, missing the analysts’ average estimate of $1.22, according to Thomson Reuters I/B/E/S.
Sales were flat at $1.28-billion, while analysts expected $1.30-billion.
Industrywide, demand was particularly weak for action figures and preschool toys, two important categories for Mattel and Hasbro.