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Hasbro ups Q1 performance - ToyNews

Hasbro ups Q1 performance

Hasbro confident it can achieve full-year financial goals after strong start to financial year.
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Hasbro has posted net revenues of $702.2 million, an increase of $78.9 million or 13 per cent compared to $625.3 million a year ago. Its net earnings reached $37.5 million compared to $32.9 million last year.

The firm attributed its growth in all areas to Transformers, Littlest Pet Shop, Playskool, Star Wars, Baby Alive, My Little Pony and board games.

Net revenues for the US and Canada segment reached $428.5 million. The Cranium acquisition and Wizards of the Coast digital initiative contributed to a decrease in the segment’s operating profit to $37.3 million from $45.8 million last year.

Net revenues for the international segment for the quarter were $248.3 million, a 22 per cent increase compared to $202.7 million in 2007. The segment also turned around last year’s operating loss of $1.8 million to a profit of $13 million.

Al Verrecchia, president and CEO said: “We had a strong 2007 and the momentum continues in 2008, with growth driven primarily by Transformers and Littlest Pet Shop, as well as Playskool, Star Wars, Baby Alive, My Little Pony and board games.

"While it’s still early in the year and there is still a lot of business to be done, our first quarter performance reinforces the confidence we have in achieving our full-year goals.”

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