Projo 7 to 7 News Blog

By Paul Grimaldi
Journal staff writer

The head of Pawtucket-based Hasbro Inc. told investment analysts today the company has frozen salaries and travel expenses as it deals with the worsening economy.

Brian Goldner, Hasbro's president and chief executive officer, made the announcement at the end of a presentation to investment analysts gathered in New York for the opening of the International Toy Fair.

On Monday, Hasbro Inc. said its fourth-quarter profit fell a sharper-than-expected 30 percent as the nation's second-biggest toy maker cut prices on many items during the sluggish holiday season and the stronger dollar hurt results.

Hasbro's earnings report and Mattel Inc's. last week indicate that toy makers were not immune to the consumer spending drop-off that led to the weakest holiday season in decades.

Goldner said he's told Hasbro employees there will not be "wholesale layoffs" at the company as a result of the weakened sales.

-- For breaking Business news, see the Projo Biz Blog.

 Tags  Hasbro Pawtucket

Comments

michael riley said:

Dear Sirs,
I dont see why toy makers should be immune to the recession.Every one knows that only executives at Bank Rhode Island and the Teachers in Narragansett deserve raises.
Michael G riley

Link | February 13, 2009 3:01 PM
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