(CBS/CNN) — Families stuck at home have resorted to playing games again, and that’s benefiting Pawtucket, Rhode Island-based 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. Back in March, Hasbro was worried the pandemic could impact production of its “Baby Yoda” dolls.READ MORE: Omicron COVID Variant Detected In Massachusetts Woman
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.”
Hasbro shares jumped 3% in premarket trading before slightly retreating.READ MORE: Wind Gusts Across Eastern Mass. Projected To Be 50 MPH Or Higher On Monday Night
MORE FROM CBS BOSTON:
- Stimulus Package Update: While Politicians Negotiate, Economic Damage Continues
- President Trump Holds Sunday Rally In New Hampshire
- American Can Probably Now Understand Why Tom Brady Left The Patriots
Hasbro’s earnings shadow that of rival’s Mattel, 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.MORE NEWS: Martin Richard Foundation Holds 4th Annual MR8K Race In Boston On Saturday
(© Copyright 2020 CBS Broadcasting Inc. All Rights Reserved. CNN’s Jordan Valinsky contributed to this report.)