The producer of Monopoly and Magic: The Gathering reported a 21% jump in game sales as a result of home-bound people looking for ways to spend their time. The marked Star Wars and Mandalorian toys also “brought strong revenue growth,” according to Hasbro’s earnings report.
Overall, Hasbro’s revenue fell 4% due to a slowdown in television and film production. The company paints a brighter picture than in July, when the temporary shutdown of factories hurt sales.
“By building on this quarter’s growth in toys, games and digital technology, we are able to ensure a good holiday season,”
; said CEO Brian Goldner. “Live entertainment production is back and we are ready to improve deliveries in the fourth quarter, with some moving to 2021.”
Hasbro (THERE IS) the shares jumped 3% in pre-trading before a slight retreat.
Hasbro’s profits overshadow those of rivals Mattel (MAT), which reported gains on Friday. The Barbie maker said sales jumped 28% and Hot Wheels sales rose 6% in the third quarter. Shares of Mattel closed 13% higher on Friday.
“The toy industry as a whole has grown significantly and continues to demonstrate its resilience in difficult economic times,” Mattel CEO Jon Kreitz suggested in a statement on profits.