Hasbro has seen an increase in profits since the release of ‘Dungeons & Dragons,’ which has given the toymaker a major boost.
Hasbro has seen a spike in revenue as the popularity of its fantasy tabletop role-playing game “Dungeons & Dragons” has grown. However, the new gain comes as a result of the toymaker’s increased income from its film and television production division.
Hasbro’s stock rose 2.3 percent in premarket trade on Monday.
Hasbro has taken a number of significant actions in recent months, including acquiring new content for children’s shows such as “Peppa Pig” and “My Little Pony,” as well as the release of the dramas “Cruel Summer” and “The Rookie.”
During the quarter, the entertainment segment of the corporation, which includes the Entertainment One studio and other businesses, witnessed a 47 percent increase in revenue.
Hasbro, on the other hand, has seen a 54 percent rise in quarterly income during the pandemic as parents snatched up popular role-playing and board games to keep their children entertained while they were locked inside.
Analysts had projected an average estimate of $1.16 billion, thus the 54 percent increase to $1.32 billion exceeded their expectations.
In a statement, Brian Goldner, chairman and chief executive officer of Hasbro, said, “Hasbro delivered a strong second quarter, with revenues up 54 percent compared last year’s second quarter and 9 percent versus pro forma second quarter 2019.”
Although “Dungeons & Dragons” contributed significantly to Hasbro’s increasing earnings, it was far from the only toy in demand. Toy sales from movie franchises like Marvel superheroes like “Black Widow” and Disney+’s “The Falcon and the Winter Soldier” also helped.
“Hasbro toys and games and entertainment income increased as we continue to provide high-quality entertainment,” Goldner said.
“The Hasbro team is performing well and Supercharging our Brand Blueprint to drive demand for our brands and content slate as we work toward our full-year revenue target of double digits and position us for profitable growth not only this year, but in the years ahead.”