(CercleFinance.com) – The toy manufacturer Hasbro revealed results well below expectations for the fourth quarter on Tuesday and was cautious for its 2024 financial year.
The American group saw its turnover fall by 23% over the last three months of the year, which led it to suffer an operational loss of almost 1.2 billion dollars, taking into account depreciation of assets and provisions on its stocks.
At $0.38 per share, adjusted net earnings per share (EPS) are well below the consensus which was established at $0.66.
For 2024, Hasbro says it expects a drop of 7% to 12% in turnover from its consumer toys, its main activity.
However, the company says it will start the 2024 financial year with a cleaner balance sheet and a lighter cost structure, which should allow it to improve its financial performance in 2024.
Hasbro now says it is targeting savings of $750 million per year by the end of 2025, compared to $350-400 million so far.
In pre-stock market quotations, the stock fell by more than 10% on Tuesday morning following this publication.
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