Monopoly Sales Soaring Thanks To Bored Families
(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.
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.
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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.
(© Copyright 2020 CBS Broadcasting Inc. All Rights Reserved. CNN's Jordan Valinsky contributed to this report.)
