Hasbro profits fall 3% in 3Q

HASBRO INC.'s profits fell 3 percent to $164.0 million and its revenue fell 2.1 percent to $1.35 billion during the third quarter ended Sept. 30.
Posted 10/22/12

PAWTUCKET – Profits for Hasbro Inc. fell 3 percent to $164.9 million, or $1.24 per diluted share, in the third quarter of 2012, compared with $171 million, or $1.27 per diluted share, for the same period in 2011, the company announced Monday.

Second quarter 2012 revenue was $1.35 billion, a drop of 2.1 percent from the $1.38 billion in revenue reported for the second quarter 2011.

According to the company, excluding a negative $47.4 million impact of foreign exchange, net revenue for the third quarter grew 1 percent to $1.39 billion.

“We are delivering on the objectives we set for the year,” Hasbro’s President and CEO Brian Goldner said in prepared remarks. “The U.S. and Canada segment operating profits are improving to historical levels and the games category is stabilizing with innovative new offerings and partnerships.”

The toy and game maker’s U.S. and Canada segment’s revenue grew to $774.5 million during the quarter, a 1 percent change year over year. Hasbro reported a 20 percent increase in the segment’s operating profit during the quarter.

In product categories, the company saw a 17 percent revenue increase in girls products, virtually no change in games and drops in both their preschool and boys products. Year over year, revenue for products targeted at boys dropped 12 percent to $471.1 million.

“We are entering the holiday season with exciting, innovative products, including some of the hottest toys in the market…” Deborah Thomas, Hasbro’s chief financial officer, said in prepared remarks. “In the all-important fourth quarter, we plan to drive these and other initiatives with a significant increase in marketing support in an environment of significantly lower U.S. retail inventory.”

The toy and game maker said, barring the impact of a negative foreign exchange, its revenue and earnings will grow again in the fourth quarter.

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