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Hasbro reports first quarter profits

Hasbro, the second-largest US toymaker, saw profit growth in its first quarter with a significant boost in the sales of girls' toys, which rose 16%.
April 19, 2010

Hasbro, the second-largest US toymaker, saw profit growth in its first quarter with a significant boost in the sales of girls’ toys, which rose 16%.

The company reported net earnings for the quarter of US$58.9 million, an increase of US$39.2 million compared to US$19.7 million in 2009. Net earnings were $0.26 per diluted share excluding a favorable tax adjustment of US$21.2 million, or $0.14 per share. Net revenues were US$672.4 million, an 8% increase from US$621.3 million a year ago.

Worldwide net revenues for all major product categories grew in the quarter, as the Boys product category increased by 3% to US$236.9 million, the Games and Puzzles category increased 7% to US$227.0 million, the Girls category increased 16% to $129.4 million and the Preschool category grew 18% to US$78.9 million. The results reflect growth in Games & Puzzles, Girls and the Preschool category, which offset a decline in the Boys category. The Entertainment and Licensing segment saw net revenues of US$25.1 million compared to US$27.2 million in 2009, which can be attributed to lower licensing revenue in digital gaming. The Entertainment and Licensing segment reported an operating profit of US$9.4 million compared to US$13.6 million in 2009.

Hasbro’s Board of Directors has also authorized the company to repurchase an additional US$625 million of common stock. At the end of the quarter, US$63.8 million remained available in the prior share repurchase authorization.

About The Author
Wendy is Kidscreen’s Associate Editor. When she’s not sourcing material for the brand's daily email newsletter, she’s researching, writing and connecting with others about the newest trends in digital media. Contact Wendy at wgoldman@brunico.com.

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