In this Tuesday, Feb. 12, 2013 photo, Hasbro's My Little Pony Feature Princess Twilight Sparkle pony is displayed at the American International Toy Fair in New York. 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 company reported Monday, July 22, 2013. (AP Photo/Mark Lennihan)
July 22, 2013 - 3:48 AM
PAWTUCKET, R.I. - Hasbro Inc.'s second-quarter net income fell 16 per cent, 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 per cent to $766.3 million from $811.5 million, missing Wall Street's $800.6 million estimate.
Sales of boys' toys declined 35 per cent against tough year-ago comparisons. But girls' toys jumped 43 per cent, and board game sales climbed 19 per cent.
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.
News from © The Associated Press, 2013