Hasbro 4Q Net Slips On Higher Taxes, Choppy Sales |
| Wall Street Journal - Feb 6, 2012 |
Hasbro Inc.'s (HAS) fourth-quarter profit slid 0.6% due to higher income taxes and choppy sales, as the toy maker's Chief Executive Brian Goldner said the U.S. and Canada business failed to meet expectations last year.
Goldner told analysts during Hasbro's fourth-quarter conference call that the company is investing in entertainment, digital media, and licensing--moves that helped bolster growth in many international markets--though results in the U.S. and Canada "did not meet our expectations." He said weakness was especially notable in the gaming and puzzles business.
The maker of Transformers, Nerf and G.I. Joe on Monday reported sales in the U.S. and Canada slid 2% in the latest quarter, though the weakness in those North American markets was offset by higher international sales, led by Asia Pacific and Europe. Latin America/Mexico sales also increased, up 4%.
Goldner said weakness in the U.S. was in line with the toy industry's decline and reflected a challenging economic environment. He said sales weakened most notably after the Thanksgiving holiday, reversing positive sales trends that Hasbro observed earlier in the quarter.
Read Full Article from Wall Street Journal
- Posted: 2012-02-06 12:08:52
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