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.
Overall, Hasbro’s revenue fell 4% because of TV and film production delays. 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.”
shares jumped 3% in premarket trading before slightly retreating.
Hasbro’s earnings shadow that of rival’s Mattel (MAT)
, which reported earnings Friday. The maker of Barbie said sales jumped 28% and Hot Wheels sales rose 6% in the third quarter. Mattel’s stock closed 13% higher Friday.
“The toy industry, as a whole, grew significantly and continues to demonstrate its resilience in challenging economic times,” surmised Mattel CEO Ynon Kreiz in its earnings release.