), the brand responsible for toys like Furby, My Little Pony and Transformers, is gaining on girls products and emerging markets.
Shares were up more than 5% Monday after the toy giant reported a third-quarter profit of $172.5 million, or $1.31 per share, beating consensus estimates of $1.29. Net sales were up 2% to $1.37 billion.
Growth in girls products and games made up for declines in boys and preschool sectors. Girls posted revenue gains for the fifth quarter in a row, growing 29% this quarter to $288.7 million. Products like Furby, My Little Pony and Nerf Rebelle contributed to the growth. Boys revenue declined 17% to $392 million with slow quarters for Marvel and Beyblade but growth for Transformers and Star Wars.
International growth offset declines in the U.S. and Canada. "Our expanded presence in faster growing geographies is delivering growth, including emerging markets growth of 22% in the third quarter,” said Hasbro CEO Brian Goldener in a statement. “These strategic steps are increasingly important as we continue to operate in a challenging consumer environment in developed economies.”
Operating profit in the U.S. and Canada declined 5% to $147 million. Revenue also declined 5% to $735.6 in the region. International operating profit grew 24% to $105.7 million on $582.7 million in revenue, 11% growth from the prior year.
Total operating profit was up 3% to $255.9 million, including a 29% decline in the entertainment and licensing division to $7.6 million. Net revenue for the segment was up 13% to $48.6 million, the company says the slow profit are due to the July 2013 acquisition of Backflip Studios.
Shares of Hasbro closed at $47.24 on Friday. The stock is up 23.1% year-over year. Competitor Mattel
) is up 14.9%
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