Hasbro Quarterly Profit up 11%

Discussion in 'Transformers News and Rumors' started by rework, Jul 19, 2010.

  1. rework

    rework The Voice of Experience

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    Pretty good news after Mattel just posted a big miss.

    Hasbro 2Q net income beats expectations - Yahoo! Finance

    PAWTUCKET, R.I. (AP) -- Toy maker Hasbro Inc.'s second-quarter profit rose 11 percent as its spending cuts outpaced the drop in sales of Transformers and G.I. Joe toys, which had new movie tie-ins last year.

    Net income rose to $43.6 million, or 29 cents per share, in the quarter that ended June 27. That's up from $39.3 million, or 26 cents per share, a year earlier. Analysts polled by Thomson Reuters, on average, predicted net income of 24 cents per share.

    Royalty payments fell during the quarter, but sales costs and advertising spending also decreased.

    Revenue fell 7 percent to $737.8 million from $792.2 million. Analysts expected revenue of $748.3 million.

    But two categories experienced growth. Games and puzzle revenue rose 22 percent to $262.2 million, and preschool revenue rose 32 percent to $103.5 million.

    Revenue was flat at $133.2 million on items for girls.

    Sales of boys' items, with tie-ins to the Transformers and G.I. Joe movies, sank 34 percent to $238.8 million. Last year, Hasbro benefited from the release of "Transformers: Revenge of the Fallen" in June and "G.I. Joe: Rise of Cobra" in August.

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    Apparently there's a conference call this morning at 8:30:

    http://biz.yahoo.com/cc/5/114825.html
     

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