Lockdown boom helps Hasbro beat forecasts
Toymaker Hasbro beat expectations for profit and revenue on Monday (October 26).
It comes as families stuck at home during the global health crisis bought toys and board games to keep their children entertained.
Revenue from gaming brands like Monopoly, Scrabble and Dungeons and Dragons jumped 21% to around $543 million in the third quarter.
Net revenue rose just under 13% to $1.78 billion over the period - beating the analyst predictions of $1.75 billion.
Both Hasbro and rival Mattel have seen a recent sales boost.
Hasbro said it was well positioned for a 'good' holiday shopping season, but did not provide a sales forecast.
Last week Mattel said it expected mid-single-digit growth in gross sales.
But analysts largely expect Hasbro to beat that.
It wasn't all positive news for the company on Monday, however.
It said production delays caused by the virus had pushed revenue from its TV, film and entertainment business down almost 30%.
Hasbro shares have gained more than 11% this month, but fell 2% in premarket trading among broader market declines.
