Hasbro reports 71 percent decrease in profits
Providence, RI – Hasbro has announced its first-quarter profits are down more than 70 percent from one year ago. Hasbro said its net income fell $17.2 million in the January-March period, down from $58.9 million last year. The Pawtucket-based toymaker says the decline reflects spending on product development, expansion in emerging markets, and its television network The Hub, a joint venture with Discovery Networks that launched in October.
President and CEO Brian Goldner says despite the drop in earnings, Hasbro is on track for the rest of the year. Goldner's compensation package was increased to $23-million from $7.8 million based on the company's performance last year.
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