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Hasbro Inc (NASDAQ:HAS) CEO Brian Goldner discussed the company’s quarterly earnings and what’s in store for the holiday on CNBC Monday following the toy maker's quarterly report.
Goldner on Earnings: One of the highlights in Hasbro's third quarter was a 50% jump in online sales, Goldner said.
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The franchise brands and gaming businesses were particularly strong in the third quarter, the CEO said.
“People want to play games together,” he said.
The strength in toys and games is coming from parents wanting to get their kids spending less time in front of a screen, as well as families wanting to stay connected at home, Goldner said.
"Our team did an amazing job," Goldner said, discussing how the suppply chain was impacted by COVID-19.
He pointed to employees at a factory in Ireland being deemed essential workers despite a shutdown.
Hasbro is producing more products outside of China, which Goldner said has a bigger impact on when Hasbro can launch its products.
Related Link: Hasbro Shares Fall As Margin Improvements Fail To Impress
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Goldner On Upcoming Holiday Season: Hasbro is in a strong position to capture growth from multiple promotional time periods, Goldner said.
He highlighted the recent Prime Day from Amazon.com (NASDAQ:AMZN) and similar events at Wal-Mart Inc (NYSE:WMT) and Target Corporation (NYSE:TGT).
These three retailers are Hasbro’s largest customers, and Goldner said Hasbro benefits from them doing multiple promotional events to offset the possible loss from lower Black Friday sales.
Goldner said he expects Hasbro to “exit the year with one third of business in e-commerce.”
Goldner On TV, Movies: People are “watching more of our content,” said Goldner.
He pointed to “Peppa Pig” and “PJ Masks” as being two strong shows that had higher engagement during the third quarter.
Netflix and YouTube were singled out by Goldner as two content providers that saw higher engagement on Hasbro-owned content in the third quarter.
Recently acquired Entertainment One has resumed production on more than 25 movies and television shows, he said.
The CEO sees a return to large production spending in the entertainment segment in 2021.
Along with the growth through the Entertainment One acquisition, Goldner said there are 30 Hasbro brands that are being worked on creatively for film and television.
HAS Price Action: Shares of Hasbro were trading down 9.73% at $83.05 at last check Monday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.