[credit provider=”JD Hancock on flickr” url=”http://www.flickr.com/photos/jdhancock/4464216098/”]
Hasbro’s big summer isn’t living up to expectations, according to Citi’s Gregory R Badishkanian who downgraded the stock to a “sell.”The latest boardgame move, Battleship, was a “disappointment,” despite $300 million in sales over a $209 million budget.
Marvel action figures are also missing expectations and losing out to Mattel’s DC action figures:
while we’ve seen favourable box office results from Avengers, we think this property will only generate $150-$200mm in toy sales for the year (vs recent street ests of $300-$500mm). Spiderman toys are getting traction (ahead of 7/3 release), but are likely to be quickly dampened when Batman is released on 7/20. We’d expect Spiderman toy sales to be around $200- $250mm.
Meanwhile Hasbro looks weak in the game and girl markets; Nerf and other toy sales are flat; and no one is buying toys in debt-ravaged Europe.
Don’t miss: Crazy Pictures From New York Comic Con >