JAKKS Pacific Inc.(NASDAQ:JAKK) sank in early trade after the toymaker cut its sales forecast for the full year, citing disappointing sales during the holiday season.
On Monday, the stock is down 16.9 percent to $14.41 in early trade.
The Malibu, California-based company now expects earnings per share in the range of $0.37 to $0.40 from prior expectations of $1.32 to $1.35. Sales are now projected to be $660 million from $770 million to $775 million projected earlier.
The company, which makes toys under brands like Pokemon, Hello Kitty and The Smurfs, said late Friday its sales performance has been disappointing in the difficult retail environment.{$end}
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