NEW YORK — The toy wars are heating up, with Hasbro planning to beef up spending on advertising after reporting that its third-quarter results fell by 4 percent.
Hasbro, whose toys include My Little Pony, Transformers, and Scrabble, said Monday that results were hurt by weakness in toys for boys and preschool and the stronger US dollar. But the Pawtucket, R.I.-based company’s adjusted results topped Wall Street’s forecasts on Monday. And Hasbro remains confident heading into the critical holiday season, which is when toy makers can earn up to 40 percent of annual revenue.
For the three months ended Sept. 30, Hasbro Inc. earned $164.9 million, or $1.24 per share. That compares with $171 million, or $1.27 per share, a year earlier.
Revenue slipped 2 percent to $1.35 billion from $1.38 billion. Revenue totaled $1.39 billion excluding unfavorable foreign exchange rates. Wall Street forecast $1.38 billion, on average.