Hasbro posts 1Q proftis
PAWTUCKET, R.I. (AP) – Hasbro returned to profitability in its first quarter, driven by sales of girls’ toys such as My Little Pony and Nerf Rebelle. The prior-year results were dragged down by restructuring charges.
Its latest earnings topped Wall Street estimates but revenue was short of what analysts
Toy makers are facing a weak environment globally due to the uncertain economy and popularity of electronic gadgets. The first quarter is the seasonally smallest for toy makers, coming after the key holiday quarter which can account for up to 40 percent of revenue.
Hasbro Inc.’s sales of girls’ products were strong however, up 21 percent. Sales of My Little Pony Equestria Girls dolls also resonated with customers.
The boys’ category reported a 2 percent increase in sales, helped by Nerf and Marvel
This was partially offset by weakening Beyblade sales.
Game sales fell 4 percent, hindered partly by declining sales of trading card game Duel Masters.
Sales of preschool products slipped 4 percent due to soft sales of core Playskool items.
Sales for the entertainment and licensing division rose 13 percent thanks to the inclusion of Backflip Studios.
International sales increased 5 percent, led by Europe and Latin America. In the U.S. and Canada, sales edged down 1 percent.