Hasbro Sales Top Views on Move-Themed Demand

EarningsReuters

U.S. toymaker Hasbro Inc (NASDAQ:HAS) reported a lower-than-expected decline in quarterly revenue, helped by strong demand for its "Jurassic World"- and "Star Wars"-themed toys.

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Demand for toys based on movie franchises have been driving Hasbro's sales as traditional toys fall out of favor.

"Jurassic World," notched the biggest movie debut in history last month, while "Star Wars: Episode VII - The Force Awakens", set for release in December, is one of the most anticipated films this year.

Hasbro's sales in the United States and Canada rose 1 percent in the second quarter ended June 28. International sales, about 45 percent of total revenue, declined 9 percent, hurt by a strong dollar.

The company's net revenue fell 4 percent to $797.7 million. Excluding the impact of the dollar, revenue rose 5 percent.

Still, revenue topped analysts' average estimate of $773.1 million, according to Thomson Reuters I/B/E/S.

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Net income attributable to Hasbro rose nearly 25 percent to $41.8 million, or 33 cents per share, also beating analysts' estimate of 29 cents per share.

Sales in Hasbro's boys category, its biggest business, rose 1 percent. However, sales of girls toys such as the 'My Little Pony' toys slumped 22 percent.

Market leader Mattel Inc has also been struggling with its girls toys business, with sales of Barbie doll not rising for the past few quarters.

Still, Mattel posted a surprise adjusted profit last week, helped by demand for its Fisher-Price preschool toys.

Hasbro's shares closed at $78.25 on the Nasdaq on Friday.

(Reporting by Yashaswini Swamynathan and Nayan Das in Bengaluru; Editing by Savio D'Souza)