Following a 4th quater 2% drop in overall revenue, as well as, a 7.8% loss in share value, Hasbro's CEO now admits it was a mistake to release
The Last Jedi product three months ahead of the film's release. Unlike
The Force Awakens, which had a similar release schedule, this time, the momentum faded, and sales declined unexpectedly. Chief Executive Officer Brian Goldner says, “The fact that we began to merchandise the film in September and the film came out in December was just too long a period of time to sustain retail interest,... It didn’t help that lots of other toys were hitting around the same time, he said, “with an array of entertainment initiatives coming to market.”
Hasbro was not alone, as Mattel Inc. saw a 12% drop in the fourth quarter, with girls’ toys, other than Barbie, performing especially badly. The holiday season was also hurt by the bankruptcy of Toys “R” Us Inc. The next test will come in April, with the roll out of product based on
Solo: A Star Wars Story, the film will be released in theaters on May 25th.
(Source:
Bloomberg.com)
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