Hasbro 1Q loss widens on restructuring charge

Hasbro 1Q loss widens on restructuring charge, but performance still tops Street expectations

Associated Press
Hasbro says Monopoly contest helped lift sales
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In this Tuesday, Feb. 5, 2013, photo, the newest Monopoly token, a cat, rests on a Boardwalk deed next to a die and houses at Hasbro Inc. headquarters, in Pawtucket, R.I. Hasbro Inc. reports quarterly financial results before the market opens on Monday, April 22, 2013.(AP Photo/Steven Senne)

PAWTUCKET, R.I. (AP) -- Hasbro says its first-quarter loss widened as the toy maker absorbed heavy restructuring charges and foreign exchange rates flattened its international revenue.

But the performance still topped Wall Street expectations.

The Pawtucket, R.I., maker of Transformers, My Little Pony and Monopoly, said its revenue rose in the quarter. The company noted that its "Save Your Token" campaign, which let people vote on saving one of the board game's token, was "tremendously successful" and helped lift revenue from its games category.

Its girls and preschool categories, which include Furby and Play-Doh, respectively, also saw growth. But the boys category continued to face challenges, with revenue down 20 percent.

For the quarter, Hasbro lost $6.7 million, or 5 cents per share. That compares with a loss of $2.6 million, or 2 cents per share, a year ago.

When stripping out the impact of a restructuring charge and tax adjustments, Hasbro Inc. said earned 5 cents per share. Analysts expected adjusted earnings of 4 cents per share.

Revenue rose more than 2 percent to $663.7 million despite a hit of more than $3 million from foreign exchange rates.

In North America, revenue growth of 4 percent was driven by the girls and games categories. International revenue was flat, or up 1 percent when excluding the impact of foreign exchange rates. The increase was driven by growth in Latin America and Asia, as well as the games, girls and preschool categories.

Analysts expected $642.1 million in revenue.

Hasbro shares closed at $45.02 per share last Friday.

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