Big summer movies such as “Battleship,” “The Avengers,” “Amazing Spiderman” and “G.I. Joe” – and the packaged toys that will be sold with them – can’t come soon enough forHasbro Inc., whose financial situation soured in the first quarter.
Hasbro fell to a loss of $2.6 million, or 2 cents a share, compared with profit of $17.2 million, or 12 cents a share, during the first quarter of 2011. Excluding $11.1 million in severance costs following some layoffs during the quarter, the toymaker’s net earnings were $5.1 million, or 4 cents a share.
Revenue also slumped, sliding 3.4% to $648.9 million.
Of that, $289.7 million in revenue came from international markets, a 14% rise. Sales in the U.S. and Canada, however, dove 16% to $329 million.
Marvel and Star Wars-branded toys helped push sales in Hasbro’s boys category up 4%; Sesame Street and Playskool Rescue Heroes products gave the preschool segment a 2% boost.
Even though brands such as Magic: The Gathering did well, Hasbro’s games business slumped 9%. The resurgence in interest in My Little Pony couldn’t keep the company’s girls category from falling 18%.