Hasbro ‘has less overall exposure’ to tariffs than Mattel, says Roth MKM

Roth MKM says that Wednesday’s reciprocal tariff announcement was worse than anticipated for Toy companies and will almost certainly result in guidance cuts when Q1 earnings are released. Both Hasbro (HAS) and Mattel (MAT) had mitigation plans ready in the event of higher China tariffs, but the inclusion of many other countries should limit options for manufacturing plant relocations. Its estimates are not changing right now as the exact impact on business is uncertain, especially regarding how much pricing will be passed on to the consumer. Roth does note that the impact of tariffs on Hasbro is smaller than for Mattel.