Hasbro Inc on Tuesday beat Wall Street estimates for quarterly profit, powered b...
) on Tuesday beat Wall Street estimates for quarterly profit, powered by higher demand for action toys of blockbuster “Avengers: Endgame” and collectible card game Magic: The Gathering, sending its shares to a record high.
The toymaker has been tying up with movie studios such as Paramount Pictures and Walt Disney Co to boost sales of toys linked to big movie franchises as it recovers from the bankruptcy of retailer Toys ‘R’ Us. Revenue from partner brands, which includes tie-up with Disney, climbed 3% in the second quarter, while sales from Hasbro-owned brands, its largest business, gained 14%, mainly driven by Magic: the Gathering, Monopoly, Play-doh and Transformers toys.
Stifel analyst Drew Crum said the strong entertainment line-up, new Power Rangers toys and easing impact from Toys ‘R’ Us set the company for a healthy second-half.
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