Hasbro Climbs After Board Games, Digital Products Fuel Sales
(Bloomberg) -- Hasbro Inc., the maker of Monopoly, rose the most in 11 weeks after reporting profit and sales that topped analysts’ estimates, helped by sales of board games and digital gaming.
Profit was 54 cents a share in first quarter, the Pawtucket, Rhode Island-based company said Monday. That far exceeded the average 38-cent projection of analysts.
Revenue climbed for a seventh straight quarter, led by a 43 percent increase in its games division. That was driven by digital gaming and new releases, including Speak Out and Toilet Trouble, the company said. Those gains offset a decline in Star Wars and Marvel products, which are in a lull because new movies for those franchises won’t come out till later this year.
Hasbro shares rose as much as 8.4 percent to $104.14 in New York, the biggest intraday advance since Feb. 6. The stock had already climbed 23 percent this year through Friday’s close.
Sales climbed to $849.7 million last quarter, beating the average estimate of $818.2 million.
The growth contrasted with dismal results from Mattel Inc., Hasbro’s larger competitor. Mattel posted a first-quarter loss last week, with sales sliding 13 percent at its biggest property: Barbie.