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Families are bored, so Monopoly sales are soaring

FAIRFAX, CA - FEBRUARY 06: In this photo illustration, The Monopoly iron game piece is displayed on February 6, 2013 in Fairfax, California. Toy maker Hasbro, Inc. announced today that fans of the board game Monopoly voted in an online contest to eliminate the iron playing figure and replace it with a cat figure. The cat game piece received 31 percent of the online votes to beat out four other contenders, a robot, diamond ring, helicopter and guitar. (Photo illustration by Justin Sullivan/Getty Images)

    (CNN) — Families stuck at home have resorted to playing games again, and that’s benefiting 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.

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.

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.

The-CNN-Wire
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