Bloombergreports that sales of Transformers 2 and G.I. Joe: The Rise of Cobra toys helped boost profits for Hasbro in its third quarter. The profits came at a time when toy manufacturers and retailers are struggling because of the recession.
Net income rose to $150.4 million, or 99 cents a share, from $138.2 million, or 89 cents, a year earlier, the Pawtucket, Rhode Island-based company said today in a Business Wire statement. Revenue declined 1.7 percent to $1.28 billion, driven down by foreign exchange rates.
Products based on the films Transformers: Revenge of the Fallen and G.I. Joe: The Rise of Cobra have added to Hasbro's revenue for the past two quarters. Sales of the action figures were a "lone bright spot" in the retail environment, according to Chris White, an analyst at Wedbush Morgan Securities in Los Angeles.
Transformers toys should stay popular during the fourth quarter because of the holidays. Next summer Hasbro has just one big film to sell action figures for. One the plus side, that film is Iron Man 2.
Bloomberg 
