Salem Radio Network News Wednesday, December 8, 2021

Business

Hasbro warns supply chain bottlenecks to hit holiday sales

(Reuters) – Hasbro Inc said on Tuesday global supply chain disruptions cost it about $100 million in lost toy orders in the third quarter and warned of a further hit during the crucial holiday shopping season.

While demand has surged over the last year, factory shutdowns, a lack of container ships and long port delays have fueled fears of a shortage of toys to put under Christmas trees during the holiday season.

Hasbro, whose chief executive officer Brian Goldner died earlier this month, said it expects 2021 revenue to rise 13% to 16%, but supply bottlenecks could affect its ability to achieve the higher end of its forecast.

The company’s net revenue rose to $1.97 billion in the third quarter ended Sept. 26, from $1.78 billion a year earlier, and was in line with analysts’ average estimate, according to Refinitiv IBES data.

(Reporting by Uday Sampath in Bengaluru; Editing by Shounak Dasgupta and Shinjini Ganguli)

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