Hasbro Inc., the second biggest U.S. toy maker, said Monday its fourth-quarter profit fell a sharper-than-expected 30 percent on a stronger U.S. dollar and the economic slowdown that has depressed discretionary spending.
The Pawtucket, Rhode Island-based maker of the Scrabble and Monopoly games and Playskool toys earned $93.6 million, or 62 cents per share, in the October-December quarter, down from $133.7 million, or 84 cents per share, a year earlier.
Revenue fell 5 percent to $1.23 billion from $1.30 billion a year ago.
Thomson Reuters says analysts forecast profit of 75 cents per share on sales of $1.27 billion.
For the year, Hasbro earnings dropped 8 percent to $306.8 million, or $2 per share, compared with $333 million, or $1.97 per share, in the prior year.
Annual sales rose to $4.02 billion from $3.84 billion.
Some of the company's strongest categories for the year were boys, girls, preschool and tweens, helped by solid sales of Star Wars, Playskool, Nerf, Littlest Pet Shop and Easy Bake products. Board and trading card games also did well.
"We believe the underlying strength of our brands and commitment to our strategy should enable Hasbro to grow revenue and earnings per share in 2009, absent a material deterioration in economic conditions or the value of foreign currencies," President and Chief Executive Brian Goldner said in a statement.
Hasbro is second to Mattel Inc. among U.S. toy makers. Last week, Mattel said its profit fell almost by half for the key fourth quarter and more than one-third for the year.
No comments:
Post a Comment