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Hasbro have announced their Q2 profits and they are higher than expected. Sales rose by one per cent to $792.2 million, compared to $784.3 million a year ago (excluding the negative $44.5 million impact of foreign exchange, net sales increased seven per cent) with net profits for the Q2 period increasing from $37.5 million (25 cents per share) to $39.3 million (26 cents per share).
US and Canadian sales rose to $490.9 million, compared to $467.7 million in 2008. The results reflect growth in Transformers, GI Joe, Littlest Pet Shop, Nerf, Play-Doh, Furreal Friends and Tonka. The segment reported an operating profit of $56.3 million, compared to $43.7 million in 2008. On the International side things were not as good with sales falling to $276.2 million, compared to $293.7 million in 2008. The revenues include a negative foreign exchange impact of approximately $42.8 million. The results reflect growth in Transformers, G.I. Joe, Littlest Pet Shop, Nerf, Play-Doh and Star Wars. The International segment reported an operating profit of $16.5 million, up from $14 million in 2008.
Entertainment and Licensing segment net revenues rose to $24.2 million, from $21.3 million in 2008. The results reflect increases in Transformers, GI Joe and Nerf.