Jakks Pacific Cuts Forecast on Disappointing Sales Monday, December 19, 1:05 PM ET
Jakks Pacific (NASDAQ:
JAKK) shares are likely to trade lower Monday after the company cut its full-year forecast.
The toy designer and marketer said late Friday the sales performance of its products has been disappointing.
Jakks said it appears this holiday season is a difficult sales environment for toys, leading to higher markdown allowances and higher royalty expenses.
Jakss said it now anticipates full-year sales of $660 million, compared to a prior forecast of $770 million to $775 million.
Earnings per share are now expected in a range of $0.37 to $0.40 per share, compared to a prior forecast for earnings of $1.32 to $1.35 per share.
The new forecast is well below analyst expectations.
Shares of competitors Hasbro (NASDAQ:
HAS), Mattel (NASDAQ: MAT) and Leap Frog (NYSE: LF) are also lower on the dismal forecast.
For MarketNewsVideo.com, I'm Kristin Bianco.
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Jakks Pacific Cuts Forecast on Disappointing Sales
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