Hasbro chief ‘optimistic’ about holiday sales

PAWTUCKET – Hasbro Inc., the world’s second-largest toymaker, said it is “optimistic” about holiday sales that account for almost half of its annual profit.
CEO Alfred Verrecchia made the comments this month during a meeting with analysts and investors at the company’s Pawtucket headquarters. Hasbro hasn’t recalled any products for lead that exceeds U.S. standards, he said.
Recalls of tens of millions of products from China, which manufactures 80 percent of toys sold in the U.S., have hurt the industry as consumer spending slows. Wal-Mart Stores Inc. and other retailers have stepped up discounts in the current quarter, which accounts for half of annual toy sales.
“We have not seen any measurable negative impact” on purchases of Hasbro products from recalls, Verrecchia said. The maker of Monopoly board games and Transformers action figures has increased product testing and stepped up factory inspections. Many procedures that companies have implemented and called “new” have been in place at Hasbro for years, he said. •