Higher Revenue, Tax Benefit Boost Hasbro Profit

Toys are increasingly making their way back into parents' budgets, Hasbro Inc.'s results showed Monday.

A big spike in sales of girls' toys and strong sales across the board helped Hasbro's first-quarter profit nearly triple.

Revenue from girls' toys, including Littlest Pet Shop, My Little Pony and Strawberry Shortcake, rose 16 percent.

The second-largest U.S. toymaker also said Monday that it is starting a $625 million share buyback program.

Shares rose $1.06, or 2.7 percent, to close at $40.91 Monday after touching a 52-week high of $41 earlier in the session.

Both Hasbro and Mattel Inc., the largest U.S. toy maker, reported strong first quarters, indicating parents are beginning to spend more on their children as fears about jobs and the economy ease. Toys are usually one of the first categories to recover after an economic downturn because many parents spend on their children before themselves.