Hasbro Inc. late Thursday said it plans to lay off about 15% of its workforce and warned Wall Street to brace for a quarterly loss and a drop in revenue after a disappointing holiday season. Hasbro
HAS,
-0.50%
reported preliminary losses between $1 a share and 93 cents a share for its fourth quarter, and an adjusted loss of between $1.29 a share and $1.31 a share in the period.
That runs counter to FactSet consensus of an adjusted profit of $1.52 a share for the quarter. The maker of My Little Pony, Baby Alive and other toy brands also reported preliminary fourth-quarter revenue of about $1.68 billion, down 17% year-over-year. That compares with FactSet consensus for revenue of $1.92 billion for the quarter. Hasbro stock fell more than 8% in the extended session after ending the regular trading day down 0.5%. Hasbro’s “consumer-products business underperformed in the fourth quarter against the backdrop of a challenging holiday consumer environment,” despite “strong growth” for digital gaming and other areas of the company, Chief Executive Chris Cocks said in a statement. Several retailers have posted lower-than-expected fourth-quarter sales as concerns about the economy simmer. Layoffs have also been widespread, with International Business Machines Corp.
IBM,
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and SAP
SAP,
-1.77%
among the latest announcing cuts. The global job cuts will start in the next few weeks, Hasbro said. The toy maker employed 6,640 people worldwide as of December …