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Jakks Pacific cuts full-year outlook, to cut jobs
July 17, 2013 / 8:34 PM / 4 years ago

Jakks Pacific cuts full-year outlook, to cut jobs

(Reuters) - Toy maker Jakks Pacific Inc (JAKK.O) cut its full-year forecast, citing declining retail orders and changing trends in children’s preferences, and said it would cut jobs.

The company now expects to post a loss of about $56.1 million, or $2.56 per share, for the full year. It had earlier forecast earnings of 63-68 cents per share.

It cut its sales outlook to $620.0 million from $694 million-$700 million.

The company also suspended its quarterly dividend.

Reporting by Arpita Mukherjee in Bangalore

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