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Earnings Roundup / Hasbro

Profit drop bigger than expected

February 10, 2009|Times Wire Reports

Hasbro Inc. said fourth-quarter profit fell a sharper-than-expected 30% as the nation's second-biggest toy maker cut prices on many items during the sluggish holiday season and the stronger dollar hurt results.

Hasbro's earnings report and Mattel Inc.'s last week confirmed that toy makers were not immune to the consumer spending drop-off that led to the weakest holiday season in decades.

The Pawtucket, R.I., maker of the Scrabble and Monopoly games and Playskool toys earned $93.6 million, or 62 cents a share, in the three months ended Dec. 28, down from $133.7 million, or 84 cents, a year earlier.

That missed the 75 cents a share analysts polled by Thomson Reuters, on average, expected.

Revenue fell 5% to $1.23 billion.

Analysts expected sales of $1.27 billion.

Hasbro shares, which fell last week when Mattel reported its earnings, rose $1.53, or 6.5%, to $25.07.

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