Hasbro (HAS) reported Monday morning its second-quarter profit climbed 11% to $43.6 million, or 29 cents a share, from $39.3 million, or 26 cents a share, a year ago. This despite a 7% fall in revenue to $737.8 million from $792.2 million. Analysts were expecting earnings of 24 cents per share on revenue of $748.3 million.
CEO Brian Goldner explained: "As we stated previously, the second quarter presented challenging revenue comparisons due to the initial movie product ship-ins last year ahead of the Transformers and G.I. Joe movies." As expected, the boys product category decreased 34%, the toy maker said. Cost-cutting measured helped offset the revenue declines.
"We continue to expect our revenues to be more heavily weighted to the second half of the year as our major initiatives are beginning to launch," said Goldner. "Accordingly, we still believe we should be able to grow revenues and earnings per share for the full year 2010.
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