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Hasbro bucks recession trend

At least one toyco is keeping its head above water in the troubled economy, as Pawtucket, Rhode Island-based Hasbro posts some sales increases in its second quarter.
July 20, 2009

At least one toyco is keeping its head above water in the troubled economy, as Rhode Island-based Hasbro posts some sales increases in its second quarter.

Net revenues came in at US$792.2 million, a 1% increase from US$784.3 million a year ago, including the impact of foreign exchange, while net earnings also went up a tick to US$39.3 million compared to US$37.5 million in the previous year.

The increase is thanks to the strong domestic and international performances of several of Hasbro’s core brands. Net revenues in the US and Canada were US$490.9 million compared to US$467.7 million the previous year, reflecting growth in Transformers, G.I. Joe, Littlest Pet Shop, Nerf, Play-Doh, Furreal Friends and Tonka. Meanwhile, while Transformers, G.I. Joe, Littlest Pet Shop, Nerf, Play-Doh and Star Wars posted growth for the toyco, its international segment net revenues were down to US$276.2 million from US$293.7 million in 2008, which also includes a negative foreign exchange impact of approximately US$42.8 million.

But good news on the entertainment and licensing front, revs are up to US$24.2 million versus US$21.3 million in 2008, again thanks to increases in Transformers, G.I. Joe and Nerf sales. One-time expenses associated with the joint-venture investment with Discovery Communications also had an impact on Q2 results.

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