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Hasbro Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: HAS

As we've stated, our 2012 plans calls for shifting 2% to 4% of our full year revenues into the second half of the year. We're on track with this plan, and we continue to expect to grow revenues and earnings per share, absent the impact of foreign exchange, for the full year 2012. We also expect that the fourth quarter will be greater than the third quarter in both revenues and earnings per share, similar to the historical trends in our International segment and Entertainment and Licensing segment.

In the first and second quarters, in partnership with our retailers, we have restaged our retail presence, lowered overall inventory levels and focused on aligning our shipments with the strongest periods of consumer demand. As a result, it is not surprising to see our U.S. and Canada net revenues down through the first 6 months. However, we're very encouraged about the quality of our execution and the profitability improvements we are delivering. We remain committed and on track to returning to historical levels of operating profit in the U.S. and Canada segment.

We have great innovative products launching over the next 2 quarters for all consumer groups and geographies. Entertainment is also driving incremental brand exposure and demand from both television and feature films. And our teams and retailers are supporting these fast-breaking initiatives. These include several new games, as well as our alliance with Zynga, through which we'll be launching Words With Friends, FarmVille and CityVille games this year.

Across categories, we have new lines based on Hasbro core brands and a new 1D branded product line based on the incredibly popular band One Direction from the U.K., which is taking the world by storm. Internationally, our business grew 5% absent foreign exchange, although reported net revenues were down 4% as we faced a more challenging exchange rate environment.

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