Hasbro, Mattel: Movies Boost Profit
PAWTUCKET, Rhode Island (TheStreet) -- Hasbro (HAS) said the new Transformers movie helped drive its toy sales in the recent quarter, as Cars 2's did for Mattel (MAT).
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Hasbro said second-quarter earnings rose 33% led by strong gains in its Transformers and BeyBlade brands.
Hasbro saw net revenue decline in all of its product categories except for boys, where sales nearly doubled to $460.4 million. Hasbro's Games and Puzzles category decreased 12% to $231.3 million; the Girls category declined 11% to $119.1 million; and the Preschool category was down 10% to $97.6 million, the company said Monday morning. The success of Hasbro's entertainment-backed toy line echoed word from rival Mattel, which said Friday it raced past Wall Street's profit expectations for its latest quarter thanks to the popularity of Lightening McQueen and Cars 2 related toys.
Hasbro's Beyblade line of high-performance spinning top toys have been around through several incarnations for over a decade, gaining in popularity throughout the early 2000s. Hasbro shares were 1.4% lower in premarket trading Monday, while Mattel gained 0.6% ahead of the opening bell. -- Written by Miriam Marcus Reimer in New York.
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