Originally published at www.seclive.com
Hasbro (HAS) announced its second quarter earnings for fiscal year 2013, reporting $36.5M in earnings and $0.28 earnings per share, falling short of analyst expectations of $0.34 earnings per share. Compared to this quarter last year, Hasbro earned $43.4M, 16% or $6.9M less this quarter. Hasbro reported revenues of $766.3M, a 6% decrease from $811.5M last year, missing analyst expectations of $800.6M. Toy sales for boys fell 35%, while Nerf sales increased and Marvel decreased. Toy sales for girls increased 43%, with Furby and My Little Pony driving the increase. Hasbro is striving to make strategic partnerships with other companies, including Walt Disney (DIS) and Star Wars. The company is searching for ways to increase profitability and has taken steps to decrease costs, including a workforce reduction of about 10%.
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.