Hasbro released its first quarter results on Monday, reporting a sales decline of 6% and a profit drop of 47% vs. the year ago quarter, but indicating that improvements are expected.   “…[W]e believe the two most recent quarters will prove to have been the most challenging for Hasbro in this economic cycle,” CFO David Hargreaves said.      

Sales trends in the quarter reflected declines in Transformers, Marvel, and Littlest Pet Shop, partially offset by increases in sales of Star Wars, Playskool, Nerf, and board games.  Foreign exchange pressures (which hit revenues for over $40 million), retailer inventory cuts, and a later Easter all contributed to the sales declines. 

Coming up for Hasbro in the rest of 2009 are several media events for which it’s producing toys, including X-Men Origins:  Wolverine, Transformers:  Revenge of the Fallen, and G.I. Joe:  Rise of COBRA.