Hasbro misses Q4 revenue targets and announces job cuts

Friday 25 January 2013 16.13
Hasbro set to cut 10% of its workforce worldwide
Hasbro set to cut 10% of its workforce worldwide

Hasbro said its fourth quarter revenue failed to meet expectations because of weaker than expected demand over the key Christmas shopping period.

The toy maker said it plans to cut about 10% of its workforce and consolidate facilities to cut expenses.

The Rhode Island-based company, whose brands include Monopoly and Nerf, has about 5,500 employees worldwide.

A 10% workforce cut would put about 550 people out of work.

A company spokesman, Wayne Charness, said the cuts will all be made this year and will occur globally and said the facility consolidations could include some closures.

Hasbro anticipates fourth-quarter revenue of about $1.28 billion, while analysts predicted revenue of $1.4 billion. The company said that unfavourable foreign currency exchange rates lowered results by $8m.