reported a fourth-quarter loss that beat Wall Street's drastically lowered estimates, but set plans to cut 850 employees, the second time in recent months the company has been forced to increase the number of jobs that will be eliminated.
For the fourth quarter ended Dec. 31, Hasbro lost $58.4 million, or 34 cents a share, excluding charges. In the year-ago period, the company, which is based in Pawtucket, R.I., reported income of $155.4 million, or 79 cents a share. Analysts surveyed by
First Call/Thomson Financial
initially expected Hasbro to lose 26 cents a share, then lowered their estimates to a loss of 37 cents a share.
The toy maker posted fourth-quarter revenue of $1.2 billion, down from $1.6 billion in the same quarter one year ago. The company attributed the slowdown to a decline in sales of Pokemon toys and cards, as well as weakness in the U.S. toy group.
Hasbro said it completed
the sale of