Girl Power: Hasbro returns to 1st-quarter profit as sales of girls’ toys strengthen
PAWTUCKET, R.I. – Hasbro returned to profitability in its first quarter, driven by sales of girls’ toys such as My Little Pony and Nerf Rebelle. The prior-year period was dragged down by restructuring charges.
The Pawtucket, R.I. company earned $32.1 million, or 24 cents per share, for the period ended March 30. That compares with a loss of $6.7 million, or 5 cents per share, a year ago.
Stripping out favourable tax adjustments, earnings were 14 cents per share.
Analysts expected earnings of 10 cents per share.
Revenue climbed 2 per cent to $679.5 million from $663.7 million, but missed Wall Street’s estimate of $690.1 million.
Last week rival Mattel Inc. reported an unexpected first-quarter loss, hurt by soft Barbie sales and markdowns to clear excess inventory.
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