Rising international sales weren’t enough to offset lower North American revenue for toymaker Hasbro (NASDAQ:HAS).

The company announced a $2.6 million loss for the first quarter, compared to a $17.2 million profit during the same period last year. That translated to a loss of 2 cents per share, down sharply from gains of 12 cents per share in 2011. Excluding charges, including $11.1 million in severance payments to departing employees, earnings of 4 cents per share missed analyst expectations for 8 cents.

Total revenue for the first quarter declined 3% to $648.9 million, down from $672 million in 2011, and also missed estimates for about $666 million.

The news sent HAS shares down more than 4% in midday trading.

International revenues jumped 14% to $289.7 million, rising in all regions outside North America. Hasbro noted that the international sales numbers were affected by foreign exchange rates. Minus the exchange rates, overseas sales were up 17% during the quarter.

Despite the gains overseas — especially in Latin America, where sales rose 23% — U.S. and Canadian sales declined 16%.

Sales of toys aimed at boys rose 4%, while preschool products edged up 2%. Products aimed at girls fell by 18% and game sales slid 9%. The company is betting on increased sales of toys related to Hollywood movies, including Battleship and The Avengers, that open in coming weeks.

Rival toymaker Mattel (NASDAQ:MAT) reported last week that its profits dropped markedly in the first quarter.