Hasbro receiving record sales during COVID-19
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Hasbro beat analysts’ estimates for quarterly revenue and profit on Monday. Earnings were boosted by demand for “Monopoly” and other board games from people stuck-at-home.
Sales have skyrocketed among limited options for outdoor activities as well as remote school and work. Many people have turned to board games to keep themselves occupied. The shopping trend is boosting sales for Hasbro.
The maker of “Monopoly” and “Magic: The Gathering” reported a 21% jump in gaming sales as the result of homebound people looking for ways to occupy their time. Branded “Star Wars” and “The Mandalorian” toys also “delivered strong revenue growth,” according to Hasbro’s earnings release.
Many of Hasbro’s games like “Monopoly” bring families together. The company painted a brighter picture compared to July, when temporary factory shutdowns hurt sales.
“Building off this quarter’s growth in toys…games and digital…we are positioned to deliver a good holiday season,” said CEO Brian Goldner. “Live-action entertainment production is returning, and we are set to improve deliveries in the fourth quarter with some moving into 2021.” Games can make a great gift for the upcoming holiday season.
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