Retail

Hasbro Stock Spikes Amid Strong Demand

Hasbro Stock Spikes Amid Strong Demand

Shares in toy company Hasbro rose more than 12 percent on Monday (March 23), as the company shared that it was experiencing strong demand amid the coronavirus pandemic, according to a report by CNBC.

CEO Brian Goldner said things were returning to more of a normal pace for the company.

“Overall, we are seeing great demand in our products,” Goldner said. “In fact, our supply chains are back up and running in China.”

Shares in the company closed 12.5 percent higher, at $51.87 a share. Shares are still down about 50 percent from February levels of $105, and in July it hit an almost yearly high of $126.87.

The market as a whole did not fare as well and was down 3 percent on Monday (March 23), as many on Wall Street wait for the result of a proposed stimulus bill from congress.

Hasbro said in February that the virus could have a “significant negative impact on our revenues, profitability and business.”

In Hong Kong, workers have had to go back to working remotely after the virus surged again, showing that the situation is still very much in flux.

Goldner said the situation isn’t stable and could change, “as certain markets are closing while others are still open and robust.”

“Our first quarter has been quite good,” he noted. “We may miss some shipments as we’re catching up, as production is catching up. We believe that by April, our production will be fully caught up.”

Sales of games like Monopoly, Play-Doh and Operation have been especially strong as parents quarantine with their children and the virus continues to upend normal, everyday life.

“This week, we’ll launch a program called ‘Bring Home the Fun,’ trying to give parents and caregivers the resources they need to keep kids occupied to help them get educated and keep the creativity going on,” Goldner said.

——————————

NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

TRENDING RIGHT NOW