Hasbro earnings drop 15% in 2013 on declining boys sales

Toy and game maker Hasbro Inc. posted full-year 2013 net income of $286.2 million, or $2.17 per diluted share, a 14.8 percent decline from the $336 million, or $2.55 per diluted share, reported in 2012. More

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Hasbro earnings drop 15% in 2013 on declining boys sales

BLOOMBERG FILE PHOTO/MICHAEL SPRINGER
HASBRO INC., the Pawtucket-based toy manufacturer, saw its net income fall 14.8 percent in 2013 to $286 million from $336 million, due in large part to a 22 percent decline in boys segment revenue.
Posted 2/10/14

PAWTUCKET – Toy and game maker Hasbro Inc. posted full-year 2013 net income of $286.2 million, or $2.17 per diluted share, a 14.8 percent decline from the $336 million, or $2.55 per diluted share, reported in 2012.

Net revenue also decreased slightly over the year, dropping two-tenths of a percent to $4.08 billion in 2013 compared with $4.09 billion a year earlier.

By product category, the boys segment saw a 21.5 percent decline in net revenue for 2013, falling to $1.2 billion from $1.6 billion. While the company’s franchise brands, including Transformers and Nerf products, performed well in 2013, these gains were more than offset by declines in Beyblade and Marvel brands, which Hasbro said had “difficult comparisons versus 2012.”

Girls segment revenue, conversely, climbed 26.4 percent to $1 billion in 2013, a record high and the first time girls product sales exceeded $1 billion in the history of the company. Hasbro’s games segment revenue increased 10 percent, while preschool segment revenue increased eight-tenths of a percent.

Carrying forward a trend of increased demand from international markets, Hasbro’s 2013 net revenue in Europe, Latin America and the Asia Pacific region increased 5.1 percent over the year to $1.9 billion from $1.8 billion in 2012. In the U.S. and Canada, net revenue for the toy company fell 5.2 percent to $2 billion from $2.1 billion a year earlier.

“We are entering 2014 with very good momentum in our brands globally, innovative products and multi-year pipeline of extremely strong film and television entertainment to leverage,” said Brian Goldner, Hasbro president and CEO, citing the company’s heightened focus on popular franchise brands.

With the 2013 earnings data, Hasbro also reported results for the three months ended Dec. 29. In the fourth quarter, Hasbro’s net income decreased four-tenths of a percent to $129.8 million, or 98 cents per diluted share, compared with $130.3 million, or 99 cents per diluted share, during the same period a year earlier. The company’s net revenue also fell slightly to $1.3 billion in the fourth quarter, a decline of one-tenth of a percent from fourth-quarter 2012.

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