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Hasbro, Inc. today reported net revenues of $704.2 million, an increase of $78.9 million or 13% compared to $625.3 million a year ago. The Company reported net earnings of $37.5 million compared to $32.9 million in 2007. "We had a strong 2007 and the momentum continues in 2008, with growth driven primarily by TRANSFORMERS and LITTLEST PET SHOP, as well as PLAYSKOOL, STAR WARS, BABY ALIVE, MY LITTLE PONY and board games," said Alfred J. Verrecchia, President and Chief Executive Officer. "While it's early in the year and there is still a lot of business to be done, our first quarter performance reinforces the confidence we have in achieving our full-year financial goals," Verrecchia concluded. Net revenues for the U.S. and Canada segment for the quarter were $428.5 million, an increase of 6% compared to $406.1 million in 2007, with strong performances from TRANSFORMERS, LITTLEST PET SHOP, STAR WARS and board games. The U.S. and Canada segment reported an operating profit of $37.3 million compared to $45.8 million last year. The decrease in operating profit is primarily due to investments the Company is making to grow its business, including the Wizards of the Coast digital initiative and the CRANIUM acquisition. Net revenues for the International segment for the quarter were $248.3 million, an increase of 22% compared to $202.7 million in 2007. All major product categories were up significantly, reflecting growth in core brands including TRANSFORMERS, LITTLEST PET SHOP, PLAYSKOOL, MY LITTLE PONY and board games. The International segment reported an operating profit of $13.0 million compared to a $1.8 million loss in 2007. This improvement is primarily a reflection of higher revenues. |
