(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