Hasbro posts profit after shifting focus

PAWTUCKET – Hasbro, Inc., which decided to reemphasize its sales of G.I. Joe action figures and Bob the Builder toys after posting its first loss in 10 years last year, nearly quadrupled its profits in the third quarter. The second largest toy maker reported net income for the third quarter of $50.6 million, compared with $13.8 million for the same period a year ago. Sales were reduced to $893.4 million from $1.07 billion a year ago. In response to its losses, Hasbro has been cutting costs by closing offices, selling its Interactive unit to a French company, and reducing its reliance on fad products like Pokemon and Furby toys and games. Meanwhile the company expects increased holiday sales from new toys, including those related to Walt Disney Co. products and Pixar, Inc.’s release of the movie, Monster’s Inc., Bloomberg reported.