Hasbro 2Q results miss Wall Street's expectations
PAWTUCKET, R.I. (AP) — 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 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 33 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 percent to $766.3 million from $811.5 million, missing Wall Street's $800.6 million estimate.
Sales of boys' toys declined 35 percent against tough year-ago comparisons. But girls' toys jumped 43 percent, and board game sales climbed 19 percent.
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.