In the company\u2019s most recent quarterly earnings report, Hasbro slashed its already-soft full-year outlook, projecting a 13% to 15% revenue decline for the year.<\/p>\n\n\n\n
Hasbro<\/a> is laying off about 1,100 employees as the toy maker struggles with soft sales that have carried into the holiday shopping season, according to a company memo obtained by CNBC.<\/p>\n\n\n\n Hasbro had about 6,300 employees as of earlier this year, according to a company fact sheet<\/a>.<\/p>\n\n\n\n Shares of the company fell more than 4% in extended trading Monday. Rival Mattel\u2019s stock also slipped after hours.<\/p>\n\n\n\n \u201cWe anticipated the first three quarters to be challenging, particularly in Toys, where the market is coming off historic, pandemic-driven highs,\u201d CEO Chris Cocks said in the memo. \u201cWhile we have made some important progress across our organization, the headwinds we saw through the first nine months of the year have continued into Holiday and are likely to persist into 2024.<\/p>\n\n\n\n Hasbro, which already laid off\u00a0hundreds of employees earlier this year<\/a>, had warned in October that\u00a0trouble was on the horizon<\/a>. In the company\u2019s most recent quarterly earnings report, Hasbro slashed its already-soft full-year outlook, projecting a 13% to 15% revenue decline for the year.<\/p>\n\n\n\n Popular toy brand sales had dropped significantly, Hasbro also said in the October quarterly report. Popular brands like My Little Pony, Nerf and Transformer had fallen 18% at the time, due to \u201csofter category trends.\u201d<\/p>\n\n\n\n Hasbro\u2019s stock was down nearly 20% through Monday\u2019s close.<\/p>\n\n\n\n Hasbro competitor Mattel had also warned of soft sales<\/a>. Yet Mattel\u2019s stock is up about 6% through Monday, powered a great deal by the box office success of the film \u201cBarbie.\u201d That\u2019s still behind the 17% gain posted by the S&P 500 so far this year, though.<\/p>\n\n\n\n Retailers overall could be in for a tepid holiday season, and\u00a0toys saw lower discounts<\/a>\u00a0for consumers when compared to discounts a year ago.\u00a0<\/p>\n\n\n\n