Hasbro has announced its Q2 results with turnover up, but profits down.
Second quarter turnover was $691.4 million - a 31 per cent increase from the $163.6 million in Q2 last year. The firm also reported pre-tax profits of $4.8m compared to $27.1 million in 2006 but this includes an additional mark to market payment of $36.5 million to Lucas in a share buy-back.
International revenues increased 49 per cent while US turnover was up by 24 per cent.
Al Verrecchia, president and chief executive officer of Hasbro, said: “We are very pleased with our second quarter and first half performance. Our core brands, especially Transformers, Littlest Pet Shop and new product initiatives have performed very well both domestically and internationally, contributing to second quarter revenue growth of 31 per cent and first half revenue growth of 32 per cent.”
“In addition, our second quarter operating margin improved to 8.1 per cent compared to 3.9 per cent in the prior year and our first half operating margin improved to 8.3 per cent from 1.9 per cent a year earlier,” he added.