Hasbro Profit Rises 23% on Strong Sales
Hasbro Inc., the nation’s second-largest toy maker behind Mattel Inc., said its earnings rose 23% in its fiscal fourth quarter due to strong sales of new products, classic board games and core brands.
The Pawtucket, R.I.-based firm said profit rose to $76.6 million, or 43 cents a share, in the three months ended Dec. 28, from $62.2 million, or 36 cents, a year earlier. Results included charges of $18.4 million related to severance payments after it ended its toy manufacturing operations in Spain and $14 million related to exiting leases and severances for employees of the remaining Wizards of the Coast retail stores.
Excluding the charges, Hasbro said it earned 65 cents a share, 10 cents above the forecast of analysts surveyed by Thomson First Call.
Revenue in the fourth quarter rose 12% to $1.12 billion.
Hasbro shares were up 7 cents to $20.76 on the New York Stock Exchange.
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