The creators of Monopoly and Magic: The Gathering saw a 21% increase in gaming sales, resulting in homebound people looking for ways to spend their time. According to Hasbro’s earnings publication, branded “Star Wars” and “The Mandal or Ryan” toys also “recorded strong revenue growth”.
Overall, Hasbro’s revenue fell 4% due to delays in TV and film production. The company paints a brighter picture than it did in July when the temporary factory closure hurt sales.
“We’re in a position to deliver the growth of toys, games and digital this quarter into a good holiday season,” said CEO Brian Goldner. “Live-entertainment entertainment production is coming back, and we look forward to improving delivery in the fourth quarter, moving forward to 2021.”
Hasbro (Is) 3% jump in premarket trading before the stock retreated slightly
Hasbro’s earnings are comparable to those of a competitor Metal (Matt)Is, which reported earnings on Friday. The Barbie manufacturer said sales in the third quarter rose 28% and sales of hot wheels 6%. Shares of Metal closed up 13% on Friday.
“The toy industry, overall, has grown significantly and is showing resilience in challenging economic times,” said Yon Kreiz, CEO of Metals, in his earnings presentation.
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