Mattel, Hasbro Shares Slide

Shares of Mattel and Hasbro were down over 2% Thursday morning after NPD Group said toy sales fell 9% year-over-year in the sixth week of the holiday season.

The market research firm said the toy segment experienced its “steepest decline of the season so far.” ¬†NPD noted that dollar sales in the sixth week were 5% lower compared to the same week in 2015.

“The holiday lull of week six is deeper than retailers want, but they drove it with deeper and deeper discounts. This year’s trend clearly demonstrates how extreme promotions, now most noticeable in toys and electronics, are steering retail off the path of growth,” said NPD’s chief industry analyst, Marshal Cohen.