Hasbro 1Q Profit Up On Broad Sales Strength |
| Wall Street Journal - Apr 19, 2010 |
Hasbro Inc.'s (HAS) first-quarter earnings tripled, boosted by strong sales of the "Monopoly" maker's games and puzzles and by a rebound in its girls' toys, which include "My Little Pony" and "Littlest Pet Shop." A tax benefit also aided results, which showed strength like larger toy maker Mattel Inc. (MAT) did Friday with its results.
Hasbro Chairman and Chief Executive Brian Goldner said in the recovering U.S. and international economies, consumers continue to be attracted to toys with strong brand names, such as Hasbro's Nerf, Tonka and Scrabble. Scrabble, he added Monday, is already one of the top applications for Apple Inc.'s (AAPL) iPad tablet computer.
The second-largest U.S. toy maker after Mattel saw sales growth across all major product categories and regions.
Hasbro shares rose 1.4% to $40.40 in recent trading. Earlier, shares hit $40.77, topping the previous 52-week high of $40.53. Shares had gained 24.3% so far this year heading into the earnings release.
Read Full Article from Wall Street Journal
- Posted: 2010-04-19 10:24:01
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