Hasbro 2Q results miss Wall Street's expectations

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Associated Press

Posted on July 22, 2013 at 8:01 AM

Updated Monday, Jul 22 at 8:02 AM

PAWTUCKET, R.I. (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.

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