Hasbro reports 10% rise in quarterly profit
Hasbro Inc (HAS.O) reported a 10% rise in quarterly adjusted earnings on Tuesday, helped by demand for the toy maker’s “Magic: The Gathering” trading card game and an increase in prices.
Despite a wider slowdown in the gaming market this year, sales at Hasbro have held up well due to a steady stream of new releases. The company unveiled in the quarter an expansion set of “Magic: The Gathering”, which analysts said lifted orders for both tabletop and online versions of the game.
Hasbro also said price increases in its consumer products business – its largest and home to toys such as Nerf blasters and My Little Pony figures – offset an increase in freight costs.
The Monopoly maker reported adjusted net earnings of $160.6 million in the second quarter ended June 26, compared with $145.4 million a year earlier.
Net revenue rose 1% to $1.34 billion in the second quarter. The company said revenue growth was impacted by a stronger dollar.
