Hasbro, Inc. (NASDAQ:HAS) stock was hit hard Monday on a holiday sales warning.
Hasbro, Inc. has concerns about the holidays due to the recent Toys R Us bankruptcy announcement. The company notes that it already saw the announcement negatively impact its earnings for the third quarter of the year.
Hasbro, Inc. says that it is working with Toys R Us on the issue, but still says the bankruptcy announcement may hurt its earnings for the holiday season. It also points out that the economic outlook in certain markets may harm its earnings for the fourth quarter of the year. This is likely dragging HAS stock down today.
Hasbro, Inc. says that it has updated its revenue guidance for the full year of 2017 due to its concerns. It now expects revenue for the quarter to be up by 4% to 7% when compared to the same time last year. Revenue from the fourth quarter of 2016 was $1.63 billion.
Wall Street is currently expecting Hasbro, Inc. to report revenue of $1.82 billion for its fourth quarter of the year. This represents a roughly 12% increase to the toy company’s revenue reported in the fourth quarter of the year prior. This isn’t good news for HAS stock
Hasbro, Inc. reported earnings per share of $2.09 on revenue of $1.79 billion for the third quarter of the year. This had it beating out analysts’ earnings per share and revenue estimates of $1.94 and $1.78 billion for the quarter, but it wasn’t enough to save HAS stock.
HAS stock was down 9% as of Monday morning, but is up 15% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.
