CORRECTED-UPDATE 1-Hasbro slips to loss as retailers cut inventory

Mon Apr 23, 2012 10:04am EDT

* Q1 Adj EPS $0.04 vs est. $0.08

* Q1 rev fell 3 pct to $648.9 vs est. $666.5 mln

April 23 (Reuters) - Hasbro Inc, the second-largest U.S. toy company, slipped to a loss in its seasonally weak first quarter as U.S. retailers exercised caution while stocking up on toys after a lackluster holiday selling season.

Hasbro, which said it would cut about 170 jobs as it looks to recover from weak holiday sales, reported a loss of $2.6 million, or 2 cents per share, compared with a profit of $17.2 million, or 12 cents per share, last year.

Excluding items, the maker of Nerf foam toys and Monopoly board games reported a profit of 4 cents a share.

Sales fell 3 percent to $648.9 million, mostly on the back of a 16 percent decline in North American revenue.

Analysts were looking for a profit of 8 cents, before items, on sales of $666.5 million, according to Thomson Reuters I/B/E/S.

Last week, larger rival Mattel Inc also reported results that missed Wall Street's expectations.

Both toymakers depend on sales from retailers such as Wal-Mart, Target and Toys R Us.

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