(Reuters) -Toymaker Hasbro Inc reported a 28% fall in third-quarter earnings on Tuesday as inflation-hit consumers were further discouraged by price hikes.
Earlier in October, Hasbro cut its fiscal 2022 sales forecast, citing a stronger dollar and a slowdown in demand. The company also said it was trimming its product lines.
“As expected, the third quarter is our most difficult comparison and was further impacted by increasing price sensitivity for the average consumer,” Hasbro Chief Executive Officer Chris Cocks said.
The company reported adjusted net earnings of $196.2 million, or $1.42 per share, in the third quarter ended Sept. 25, compared with $271.2 million, or $1.96 per share, a year earlier.
The Transformers toys maker’s net revenue fell 15% to $1.68 billion in the quarter, in line with analysts’ estimates, according to Refinitiv IBES.
(Reporting by Granth Vanaik in Bengaluru; Editing by Shinjini Ganguli)
