Hasbro Inc missed analysts' estimates for quarterly earnings and revenue on Monday, as production shutdowns due to the COVID-19 pandemic crimped the toymaker's efforts to cash in on strong demand for its board games.
) missed analysts’ estimates for quarterly earnings and revenue on Monday, as production shutdowns due to the COVID-19 pandemic crimped the toymaker’s efforts to cash in on strong demand for its board games.
The company’s shares, which have lost over a quarter of their value this year, fell 9% in premarket trading. In the second quarter, factory closures in the United States, Ireland and India due to lockdowns stifled supply, with Hasbro blaming the shortages for a 30% fall in net revenue in the United Sates and Canada.
Hasbro said it expected production to catch up by the end of the third quarter, assuming there were no more shutdowns, and that it was still prepared for a strong holiday season.
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