Gaming was the highlight of the first quarter for Hasbro, despite an overall company loss of $69.6 million.
“Hasbro brands are resonating as people spend more time at home, including games for families to play together and Play-Doh as kids engage in more creative play,” the company said in the first quarter release.
The total gaming category revenues, including Magic: The Gathering, Monopoly and other Hasbro gaming , grew 40% and totaled $340.5 million. The company said it believes its gaming portfolio is a ‘competitive differentiator.’
Although they didn’t give numbers, the company said Magic: The Gathering revenues were up significantly due to new card releases. Hasbro said certain shipments were accelerated into the first quarter to ensure delivery to distributors.
The company cited the success even as Ikoria: Lair of Behemoths is delayed until May 15 in most regions. The game trailer has been viewed close to 30 million times online.
The company said Chinese manufacturing is starting up again after operating at lower production levels in the first quarter due to COVID-19. They expect to make up lost production in the second quarter and should be in a good position to meet holiday demands. Third-party factories in China represent about 55% of Hasbro’s production.
The company has withdrawn its 2020 guidance it issued at the Toy Fair due to the uncertainty caused by COVID-19 and its impact on supply chain, retailer operation, timing and production of entertainment.