(Reuters) - Hasbro ( HAS ) forecast 2025 revenue below Wall Street estimates on Thursday, as the U.S. toymaker faces subdued demand for its products such as Star Wars action figures and Nerf guns.

The forecast includes the impact of U.S. tariffs on imports from China and potential levies on Mexico and Canada announced as of February 1, the company said, but does not reflect any further actions after that.

President Donald Trump's tariff and threats of more import levies have reignited inflationary concerns, casting a shadow over a recovery in discretionary spending by middle-to-lower income households still facing high living costs.

Rival Mattel ( MAT ) has forecast full-year profit above Wall Street estimates and warned of price hikes following the import tariffs.

Hasbro ( HAS ) also unveiled a new strategic plan targeting $1 billion in cost savings, an average of mid-single digit revenue growth and 50-100 basis points of annual operating profit margin improvement through 2027.

The company expects total annual revenue to be up slightly compared with analysts' estimates for a 4% rise, as per data compiled by LSEG.

However, Hasbro ( HAS ) beat results for the holiday quarter as sales recovered in its consumer products segment, its biggest revenue generator.

Revenue in the segment dipped 1%, compared with the 10% decline in third quarter.

Hasbro's ( HAS ) revenue of $1.10 billion for the three months ended December 29 beat analysts' estimates of $1.03 billion.

   Its adjusted profit of 46 cents per share also topped estimates of 34 cents on improved profitability from efforts to strengthen its supply chain.

Its shares were up 4% before the bell.

(Reporting by Anuja Bharat Mistry in Bengaluru; Editing by Sriraj Kalluvila)