Hasbro profit rises in Q1

Overall profit and sales rise, while licensing sector sales and profit fall during the period.
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For the first quarter of 2010, the Entertainment and Licensing sector of the business saw a slight drop in sales to $25.1 million compared to $27.2 million year-on-year. The firm says the fall reflects lower licensing revenue in digital gaming.

The Licensing and Entertainment sector saw a profit for the period of $9.4 million, compared to $13.6 million in 2009.

Overall, the firm reported healthy results though, with net sales of $672.4 million for the quarter, an increase of eight per cent from the same period in 2009.

Overall profit was reported to be $58.9 million, an increase of $39.2 million compared to $19.7 million in 2009. This included a tax adjustment of $21.2 million.

President and CEO, Brian Goldner commented: "The Hasbro teams globally continued to execute our strategy well and delivered a strong first quarter performance.

"We began the year with positive consumer spending trends, but recognise we face challenging comparisons in the second quarter given the initial movie product ship-ins last year in anticipation of the Transformers and GI Joe movies."

The firm's board of directors has also authorise it to repurchase an additional $625 million of common stock.

Deborah Thomas, CFO said: "The additional $625 million share repurchase authorisation, combined with our recently increased dividend, deomstrate the continued commitment of our board and Hasbro management to returning cash to shareholders."

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