| Updated:
Hasbro falls short of last summer’s strong sales
TOY maker Hasbro said yesterday it had suffered a sharper-than-expected quarterly sales decline, after failing to repeat the success of last year’s tie-ins to Hollywood blockbusters like GI Joe.
But the firm, which owns brands from Monopoly to Playskool, beat analysts’ earnings expectations for the second quarter by cutting costs, including advertising.
Net income rose to $43.6m (£28.6m), or 29 cents per share, in the quarter ending 27 June. Revenues for girls’ toys remained flat, but boys’ toys fell 34 per cent.
“We continue to expect revenues to be more heavily weighted to the second half of the year as our major initiatives are beginning to launch,” said chief executive Brian Goldner.