Hasbro Inc beat analysts’ estimates for quarterly revenue and profit on Monday, boosted by demand for its Monopoly and other board games from stuck-at-home parents looking to keep their children entertained.
As schools in many parts of the country continue to hold classes online, coupled with limited options for outdoor activities, parents have turned to toys and board games to keep their children occupied, boosting sales for Hasbro and rival Mattel Inc.
The company said total revenue from all of its gaming brands including Monopoly, Scrabble and Dungeons & Dragons jumped 21% to about $543 million in the third quarter.
The company’s net revenue rose 12.8% to $1.78 billion in the quarter ended Sept. 27, beating analysts’ average estimate of $1.75 billion, according to IBES data from Refinitiv.
Net earnings attributable to the company rose to $220.9 million from $212.9 million a year earlier. On an adjusted basis, Hasbro posted earnings of $1.88 per share, beating estimates of $1.63 per share.
Reporting by Uday Sampath in Bengaluru; Editing by Anil D’Silva