Hasbro expects full year dip - ToyNews

Hasbro expects full year dip

Hasbro says it expects to see a slight dip in full-year revenues, after a slowdown in US demand.
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Based on preliminary full-year results, it will report full-year 2010 revenues of approximately $4bn compared to $4.07bn in 2009.

For the fourth quarter 2010, the company anticipates revenues to be approximately $1.3bn compared to $1.4bn in 2009.

It expects to report a decline in the US and Canada segment net revenues in the fourth quarter and full-year 2010, partially offset by increased net revenues in the International segment for both the fourth quarter and full-year.

"For 2010, we anticipate reporting our tenth consecutive year of earnings per share growth. We no longer believe we will grow revenues for the year due to a slowdown in US consumer demand, which we experienced late in the fourth quarter," said CEO, Brian Goldner.

"In 2010, we had a number of strong product initiatives, good growth internationally, including in the emerging markets, and we continued to unlock the global potential of our brands while tightly managing our expenses. Collectively, these factors are contributing to our expected growth in earnings per share for 2010 despite reduced revenues.

"Looking ahead, we are confident our brand innovation and strong entertainment initiatives should enable us to deliver both revenue and earnings per share growth in 2011," said Goldner.

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