Hasbro's profit falls during holiday season

Hasbro's profit falls 6 percent during critical holiday season

Associated Press

NEW YORK (AP) -- Hasbro's net income fell 6 percent in the fourth quarter, as the toymaker faced a challenging holiday season and incurred restructuring charges.

The Pawtucket, R.I., company, which makes Monopoly and Nerf, had already said last month that its revenue failed to meet expectations because of weaker-than-expected demand over the holidays. It plans to cut about 10 percent of its workforce and consolidate facilities to reduce expenses.

For the October to December period, the company earned $130.3 million, or 99 cents per share. That's compared with $139.1 million, or $1.06 per share, in the year-ago period. Not including one-time restructuring charges, the company says it earned $1.20 per share.

Revenue slipped to $1.28 billion from $1.33 billion.

Analysts on average expected profit of $1.18 per share on revenue of $1.32 billion.

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