The Associated Press is reporting that Hasbro has posted higher profits than expected, raising 8.8%, buoyed by strong boys toys sales. The article says specifically:
“Hasbro Inc, the nation’s second biggest toymaker, said Monday its profit rose 8.8 percent in the third quarter, helped by lower costs and slightly higher sales of Transformers and G.I. Joe toys.
Hasbro said its earnings rose to $150.4 million, or 99 cents per share, for the three months ended Sept. 27, up from $138.2 million, or 89 cents a share, a year ago.”
While I’m sure Transformers: Revenge of the Fallen played a larger role in the profits arena than Rise of Cobra did, it’s nice to see G.I. Joe getting some credit for raising some capital for parent company Hasbro as well. Read the full article here, as well as a report on WallStreetJournal.com.