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Hasbro sales slip as families tire of playing with inflation
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Hasbro's profit and sales slipped in the third quarter as families watched their spending on toys more closely with inflation cutting into budgets.
"The third quarter is our most difficult comparison and was further impacted by increasing price sensitivity for the average consumer," said CEO Chris Cocks.
Revenue for the Pawtucket, Rhode Island, company fell to $1.68 billion, down 15% from last year's third quarter, and Hasbro said the strong dollar knocked 3% off of quarterly revenue, or almost $54 million.
Hasbro Inc. earned $129.2 million, or 93 cents per share, in the quarter, down 49% from the same period last year. Stripping out one-time costs and amortization costs, earnings were $1.42 per share, which is well short of the $1.53 Wall Street had expected, according to a survey by Zacks Investment Research.
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