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July 21, 2009

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Hasbro's Q2 profit gains from movie toys

TOY maker Hasbro Inc said yesterday its second-quarter profit rose 5 percent, beating expectations, as robust sales of Transformers and G.I. Joe toys - both tied to summer movies - helped offset international sales hurt by the stronger United States dollar.

Profit for the three months ended June 28 rose to US$39.3 million, or 26 cents per share, from US$37.5 million, or 25 cents per share, last year. Excluding costs related to a joint venture with Discovery Communications to form a TV network, income was 32 cents per share.

Revenue edged up 1 percent to US$792.2 million from US$784.3 million last year. Excluding the adverse effect of the stronger dollar, net revenue rose 7 percent.

Analysts polled by Thomson Reuters predicted a profit of 23 cents per share on revenue of US$797.1 million.

In the US and Canada, sales rose 5 percent to US$490.9 million from US$467.7 million, boosted by sales of Transformers and G.I. Joe toys. "Transformers: Revenge of the Fallen" came out earlier this month, and "G.I. Joe: The Rise of the Cobra," debuts in August. Other strong sellers in the region were Littlest Pet Shop, Nerf, Play-Doh and Furreal Friends.

Internationally, sales fell 6 percent to US$276.2 million from US$293.7 million, hurt by the stronger dollar. Transformers and G.I. Joe toys were also among the better sellers internationally.


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