Entertainment and licensing segment net revenues at Hasbro declined by two per cent to $24.6 million for Q1 2011, compared with $25.1 million in 2010.
Revenue in the sector reflects lower licensing revenue primarily associated with the 2009 movie, Transformers: Revenge of the Fallen, mostly offset by increases in other brands' licensing revenue, as well as TV and movie related revenue.
Operating profit for the segment stood at $5.4 million, compared to $9.4 million in 2010.
Overall, Hasbro reported net revenues of $672.0 million, compared to $672.4 million in the first quarter of 2010. Net earnings for the quarter were $17.2 million, verus $58.9 million in 2010.
"2011 is the first year in our multi-year strategic plan in which we will have significant initiatives across all elements of our brand blueprint - in television, in movies, in digital gaming, in licensing and most importantly, across our broad portfolio of toys and games," said Brian Goldner, president and CEO of Hasbro.