Hasbro wowed Wall Street with its second quarter results, but it faces holiday challenges that could make the toy game a lot tougher.
Hasbro shares rose by more than 6% in pre-market trading in advance of the earnings release. The stock was up over 10% after the market opened, trading at 52-week high levels, with shares at $103 mid-morning.
Hasbro is reaping the rewards of a restructuring designed to better leverage its entertainment division to drive profits, and sales of toys related to entertainment properties.reportsOne of the biggest winners for Hasbro during the quarter was its Wizards of the Coast and Digital Gaming division, which saw revenues more than double, to $406 million, driven by the Magic: The Gathering, and Dungeons and Dragons properties.
Goldner and Thomas told investors that Hasbro has established price increases that are set to take effect during the third quarter and will address the expected production and shipping cost increases. They would not specify what the average price increase for their toys and games would be, but in response to an analyst’s question said that it would be less than 10%.
Goldner and Thomas said Hasbro’s size and industry clout will help it navigate the shipping and supply chain challenges of the second half of the year. Hasbro, they said, has lined up additional freight operators, is sourcing from more countries, and is working with retailers to get inventory stocked well in advance of the holiday rush.
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