Hasbro posts 1Q profit, sales of girls' toys rise

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Associated Press

Posted on April 21, 2014 at 6:01 AM

Updated Monday, Apr 21 at 6:01 AM

PAWTUCKET, R.I. (AP) — Hasbro returned to profitability in its first quarter, driven by sales of girls' toys such as My Little Pony and Nerf Rebelle. The prior-year period was dragged down by restructuring charges.

The Pawtucket, R.I. company earned $32.1 million, or 24 cents per share, for the period ended March 30. That compares with a loss of $6.7 million, or 5 cents per share, a year ago.

Stripping out favorable tax adjustments, earnings were 14 cents per share.

Analysts expected earnings of 10 cents per share.

Revenue climbed 2 percent to $679.5 million from $663.7 million, but missed Wall Street's estimate of $690.1 million.

Last week rival Mattel Inc. reported an unexpected first-quarter loss, hurt by soft Barbie sales and markdowns to clear excess inventory.

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