The net income for Hasbro during the fourth quarter slipped slightly, as it was hit by charges during the important holiday shopping period.
The holiday season during November and December is important to many companies as they can sell as much as 40% or more of their revenue for the entire year.
Shares at Hasbro fell during early trading prior to the opening bell.
Sales of toys in Hasbro for boys fell 16% during the last quarter of 2013. Sales for preschool fell by 1%. The only strength was shown in the girls’ category. That group reported an increase in sales of more than 19%. Sales in the games category were up by 2%.
Last month Mattel, Inc one of Hasbro’s rivals reported its results from the fourth quarter that missed estimates of analysts as the sale of toys such as Fisher-Price and Barbie fell.
For the quarter ended December 29, Hasbro reported it earned $129.8 million or the equivalent of 98 cents a share. That compared to $130 million or 99 cents a share for the same period one year ago.
Excluding charges from restructuring, pension costs and charges related to products, as well as a legal settlement benefit, earnings reached $1.12 a share. Analysts had project earnings to be $1.21 a share.
The Pawtucket, Rhode Island based company reported revenue that was flat at just over $1.28 billion. Analysts were expecting revenue to be $1.3 billion.
Hasbro announced that its net income for the full year dropped by 15% to $268 million or the equivalent of $2.17 a share compared to 2012 of $336 million the equivalent of $2.55 a share.
Adjust earnings for the company reached $2.83 a share, while annual revenue fell from $4.09 billion to $4.08 billion.
Hasbro announced on Monday it was increasing it dividend for the quarter to 43 cents a share an increase of 8%. That dividend will be paid out May 15 to all shareholders on record as of May 1.
The stock for Hasbro lost $1.52 a share or approximately 3% in trading before the market opened on Monday.
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