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Hasbro reports Q1 2014 net revenue increase - ToyNews

Hasbro reports Q1 2014 net revenue increase

Net revenues for the first quarter 2014 increased two per cent to $679.5 million from $663.7 million in 2013.
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Hasbro, Inc has reported net revenues for the first quarter 2014 increased two per cent to $679.5 million from $663.7 million in 2013.

Net earnings for the first quarter 2014 were $32.1 million, or $0.24 per diluted share, compared to a net loss of $6.7 million, or ($0.05) per diluted share, in 2013.

Q1 2014 net revenues in the boys category increased two per cent to $247.8 million thanks to growth in Nerf and Marvel products.

Elsewhere, games category revenues declined four per cent in the quarter while the girls category grew 21 per cent. Hasbro attributed this growth to My Little Pony, My Little Pony Equestria Girls and Nerf Rebelle.

The pre-school category revenues declined four per cent, despite Play-Doh experiencing strong growth.

"Our first quarter results reflect continued strong performance across several key initiatives including Hasbro Franchise Brands, Emerging Markets and the Entertainment and Licensing segment," said Brian Goldner, Hasbro's President and Chief Executive Officer.

"Growth in both revenues and operating profit for the first quarter despite a later Easter this year and ahead of our major theatrical launches speaks to the strength of the brand innovation we are delivering to consumers globally."

Deborah Thomas, Hasbro's chief financial officer, added: "While only the first quarter, our results reflect solid underlying profitability, a healthy balance sheet and good cash flow.

"We remain committed to investing in our business to profitably grow Hasbro for the long term, while returning excess cash to our shareholders and maintaining a solid investment grade rating."

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