Revenues slip at Hasbro in Q2
PAWTUCKET, R.I. — Hasbro reported that net revenues for the quarter were $811.5 million, a decrease of 11%, compared with $908.5 million in 2011. Second quarter 2012 net revenues declined 7% excluding a negative $34.4 million impact of foreign exchange.
Net earnings for the second quarter 2012 were $43.4 million, or 33 cents per diluted share, versus $58.1 million, or 42 cents per diluted share, in 2011.
“2012 continues to develop in line with our expectations as we shift more of our shipments later in the year while improving profitability in the near term,” said Brian Goldner, president and CEO. “In the United States and Canada, we have gained share and the teams are focused on returning to historical levels of operating profit as well as partnering with U.S. retailers to shift shipments closer to the peak consumer demand periods in the third and fourth quarters. Internationally, we continue our global expansion, leveraging investments in emerging markets, product innovation and entertainment to drive Hasbro brands globally. Finally, our television strategy is delivering growth within our Entertainment and Licensing segment and creating demand for our toys and games in global markets.”
United States and Canada segment net revenues were $406.6 million, a decrease of 19%, compared to $505 million in 2011. The results reflect growth in the Preschool category offset by declines in the boys, girls and games categories. The United States and Canada segment reported an operating profit of $60.9 million, up 6%, compared with $57.7 million in 2011.
Net revenues in the International segment grew 5% absent the negative $33.4 million impact of foreign exchange.