Monopoly maker Hasbro misses quarterly estimates on slumping toy demand

(Reuters) - Hasbro reported a steeper-than-expected drop in holiday-quarter sales and profit on Tuesday, as a persistent demand weakness in the toy industry weighed on sales of the company's digital and board games.

Sluggish demand from a pullback in leisure spending and cautious inventory planning by retailers like Walmart and Target hurt Hasbro's sales in the past year.

For the full year 2024, the company expects revenue in its core Wizards of the Coast segment to be down 3% to 5%, owing to weakness in digital gaming.

Last week, Barbie maker Mattel reported a softer holiday quarter and forecast tepid sales in 2024.

The Monopoly maker's net revenue fell about 23%, to $1.29 billion in the fourth quarter ended Dec. 31. Analysts on average expected a 19.3% drop, to $1.36 billion, according to LSEG data.

Excluding items, Hasbro's profit per share was 38 cents, compared to the estimate of 66 cents.

(Reporting by Savyata Mishra in Bengaluru; Editing by Pooja Desai)