advertisement

Hasbro 2Q results miss Wall Street's expectations

Hasbro 2Q results miss Wall Street's expectations

PAWTUCKET, R.I. — Hasbro Inc.'s second-quarter net income fell 16 percent, hurt by cautious consumer spending and a steep drop in sales of boys' toys.

The No. 2 toy maker earned $36.5 million, or 28 cents per share, for the period ended June 30. That compares with $43.4 million, or 36 cents per share, a year earlier.

Removing pension-related charges, earnings were 29 cents per share.

Analysts expected earnings of 34 cents per share.

Revenue for the Pawtucket, R.I., company dropped 6 percent to $766.3 million from $811.5 million, missing Wall Street's $800.6 million estimate.

Sales of boys' toys declined 35 percent against tough year-ago comparisons. But girls' toys jumped 43 percent, and board game sales climbed 19 percent.

Last week rival Mattel Inc.'s second-quarter net income fell, hurt by ongoing softness in Barbie sales and a write-down on the Polly Pocket line.

Article Comments
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the "flag" link in the lower-right corner of the comment box. To find our more, read our FAQ.