Hasbro 2Q results miss Wall Street's expectations
Hasbro's My Little Pony Feature Princess Twilight Sparkle pony is displayed at the American International Toy Fair in Manhattan on Feb. 12, 2013. Credit: AP
Hasbro Inc.'s second-quarter net income fell 16 percent, hurt by cautious consumer spending and a steep drop in sales of boys' toys.
The No. 2 toy maker earned $36.5 million, or 28 cents per share, for the period ended June 30. That compares with $43.4 million, or 33 cents per share, a year earlier.
Removing pension-related charges, earnings were 29 cents per share.
Analysts expected earnings of 34 cents per share.
Revenue for the Pawtucket, R.I., company dropped 6 percent to $766.3 million from $811.5 million, missing Wall Street's $800.6 million estimate.
Sales of boys' toys declined 35 percent against tough year-ago comparisons. But girls' toys jumped 43 percent, and board game sales climbed 19 percent.
Last week rival Mattel Inc.'s second-quarter net income fell, hurt by ongoing softness in Barbie sales and a write-down on the Polly Pocket line.
