Monday, August 3rd22.3°C
27162
22748

Girl Power: Hasbro returns to 1st-quarter profit as sales of girls' toys strengthen

PAWTUCKET, R.I. - 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 expected. Its shares rose in light premarket trading.

Sales of girls' products rose 21 per cent. Sales of My Little Pony Equestria Girls dolls also resonated with customers.

The boys' category reported a 2 per cent increase in sales, helped by Nerf and Marvel products. This was partially offset by weakening Beyblade sales.

Game sales fell 4 per cent, hindered partly by declining sales of trading card game Duel Masters.

Sales of preschool products slipped 4 per cent due to soft sales of core Playskool items.

Sales for the entertainment and licensing division rose 13 per cent thanks to the inclusion of Backflip Studios. International sales increased 5 per cent, led by Europe and Latin America. In the U.S. and Canada, sales edged down 1 per cent.

The Pawtucket, R.I.-based company earned $32.1 million, or 24 cents per share, for the period ended March 30. That compares with a loss of $6.7 million, or 5 cents per share, a year earlier.

Stripping out favourable tax adjustments of 10 cents per share, earnings were 14 cents per share.

The year-ago period was pulled down by restructuring charges totalling 14 cents per share. It also had favourable tax adjustments of 4 cents per share a year ago.

Analysts surveyed by FactSet expected earnings for the latest period of 10 cents per share, on average.

Revenue edged up 2 per cent to $679.5 million from $663.7 million, but missed Wall Street's estimate of $690.1 million.

Last week rival Mattel Inc. reported an unexpected first-quarter loss, hurt by soft Barbie sales and markdowns to clear excess inventory.

Hasbro Inc. shares climbed $2.39, or 4.4 per cent, to $57 in premarket trading Monday about an hour ahead of the market opening. Its shares are down slightly so far this year.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14468.44+85.68
S&P CDNX594.31+6.01
DJIA17689.86-56.12
Nasdaq5128.28-0.50
S&P 5002103.84-4.79
CDN Dollar0.7607-0.0035
Gold1096.90+0.60
Oil46.76-0.77
Lumber252.10+0.50
Natural Gas2.883+0.062

 
Okanagan Companies
Pacific Safety0.17-0.01
Knighthawk0.010.00
QHR Technologies Inc1.42+0.00
Cantex0.035-0.005
Anavex Life Sciences0.9101+0.1101
Metalex Ventures0.05+0.00
Russel Metals19.40-0.05
Copper Mountain Mining0.79+0.01
Colorado Resources0.065+0.005
ReliaBrand Inc0.0049+0.0004
Sunrise Resources Ltd0.03+0.00
Mission Ready Services0.095-0.045
Decisive Dividend Corp2.55+0.05

 



26480

FEATURED Property
23643631 3359 Cougar Road
1 bedrooms 1 baths
$295,500
more details
image2image2image2
Click here to feature your property
Please wait... loading


Mortgage policy changes?

There are rumours circulating again that the federal government may move to tighten mortgage insurance criteria. This is prompted by a recent article in the Financial Post. The housing market while b...


Chasing ducks

Photo: Thinkstock.comWhen businessmen tell me that being low priced is the only way to stay in business, I am skeptical. Price is the simplest way for a consumer to compare and is overused as the basi...


Taking care of business

Photo: Thinkstock.comRetirement as a goal has changed a lot over the years. There was a time, it was the only goal. You’d punch the clock and count the years until you could stop punching that t...

_








Member of BC Press Council


26916