BUSINESS BRIEFING / EARNINGS
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Toy company Jakks Pacific Inc. posted a second-quarter loss, citing the weak retail environment, and lowered its full-year guidance.
The Malibu company lost $406.5 million, or $14.96 a share, down from a profit of $4.2 million, or 15 cents, a year earlier.
Excluding one-time charges, Jakks reported an adjusted loss of $900,000, or 3 cents a share. Sales fell to $144.8 million from $145.3 million.
For the year, Jakks now expects a loss of $375.6 million, or $13.54 a share, on sales of $810 million, and adjusted profit of $1.01 a share.
Jakks shares fell 84 cents, or more than 7%, to $10.86 in after-hours trading on the news.
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