Hasbro’s Loss Narrows to $17.1 Million
Hasbro Inc.’s first-quarter loss narrowed to $17.1 million as the second-biggest U.S. toy maker reduced administrative and distribution costs.
The loss was 10 cents a share compared with a loss of $25 million, or 15 cents, a year earlier. Sales fell 2.4% to $452.3 million.
Chief Executive Alan Hassenfeld closed plants, cut jobs and installed software to better track demand as sales fell the last eight quarters.
Hasbro said it plans to cut $100 million in costs over the next three years after reducing expenses by a similar amount last year.
Shares of Pawtucket, R.I.-based Hasbro fell 20 cents to $16.45 on the NYSE.
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