Hasbro 2nd-quarter results miss Wall Street's view as sales of boys' toys decline | iNFOnews | Thompson-Okanagan's News Source

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Hasbro 2nd-quarter results miss Wall Street's view as sales of boys' toys decline

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
The Associated Press

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