Hasbro Posts Unchanged Fourth-Quarter Profit Amid Weaker-Than-Hoped Holiday Season Demand
The toy giant reported a 4 percent revenue improvement amid cited sluggish momentum in the U.S. and Canada and said "Transformers" toys helped drive full-year results.
NEW YORK - Hasbro on Monday reported nearly unchanged fourth-quarter earnings amid a challenging holiday season in the U.S. and Canada.
The toy giant posted a quarterly profit of $139.1 million, compared with $140.0 million in the year-ago period. Earnings per share rose though amid continued stock buybacks.
Revenue rose 4 percent to $1.33 billion. Foreign exchange factors had a $13.3 million negative impact on revenues in the quarter.
Hasbro previously had warned that its full-year results would fall short of Wall Street expectations. It cited Transformers toys as a key driver of its full-year figures.
President and CEO Brian Goldner cited strong international growth in 2011. "However, we did not meet our expectations for growth in the U.S. and Canada segment, as we experienced weaker demand than we had anticipated, especially post-Thanksgiving," especially in the games and puzzles fields, he said. "We have taken significant steps by putting new leadership and new plans in place to re-accelerate growth and innovation in both of these important areas."
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