Hasbro 4Q earnings fall on soft US game demand

[February 07, 2011]  PAWTUCKET, R.I. (AP) -- Toy maker Hasbro Inc. says its fourth-quarter profit sank 16 percent, as U.S. demand for games waned later in the year.

The fourth quarter is a crucial one for toy makers because it includes the crucial holiday season. The period can often make up nearly a third of annual revenue.

The company based in Pawtucket, R.I. said Monday that its net income fell to $140 million, or 99 cents per share, in the period ended Dec. 26 compared with $165.6 million, or $1.09 per share, last year.

Revenue dropped 7 percent to $1.28 billion from $1.38 billion a year ago.

Hasbro warned in January that revenue would likely fall as demand slowed late in the holiday season.

Last week rival Mattel reported its profit edged down while revenue rose.

[Associated Press]

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