Business

Hasbro profit falls during holiday season

NEW YORK — Hasbro Inc.’s net income fell 6 percent in the fourth quarter as the toy maker faced a challenging holiday season and incurred restructuring charges.

The Pawtucket, R.I., company, which makes Monopoly and Nerf, had said last month that its revenue failed to meet expectations. It plans to cut about 10 percent of its workforce and consolidate facilities.

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Toy makers are facing a slowdown as mobile devices and electronics steal attention from toys. Making matters worse, the companies are more vulnerable to the weak economic climate, because it’s easier for people to cut spending for dolls and games than for other things.

In 2012, US toy sales fell slightly to $16.5 billion from $16.6 billion, according to the research firm NPD Group.

For the October-to-December period, Hasbro earned $130.3 million, or 99 cents per share. That compares with $139.1 million, or $1.06, a year earlier. Revenue slipped to $1.28 billion from $1.33 ­billion.

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