Shares in toy company Hasbro rose more than 12 percent on Monday (March 23), as the company shared that it was experiencing strong demand amid the coronavirus pandemic, according to a report by CNBC.
CEO Brian Goldner said things were returning to more of a normal pace for the company.
“Overall, we are seeing great demand in our products,” Goldner said. “In fact, our supply chains are back up and running in China.”
Shares in the company closed 12.5 percent higher, at $51.87 a share. Shares are still down about 50 percent from February levels of $105, and in July it hit an almost yearly high of $126.87.
The market as a whole did not fare as well and was down 3 percent on Monday (March 23), as many on Wall Street wait for the result of a proposed stimulus bill from congress.
Hasbro said in February that the virus could have a “significant negative impact on our revenues, profitability and business.”
In Hong Kong, workers have had to go back to working remotely after the virus surged again, showing that the situation is still very much in flux.
Goldner said the situation isn’t stable and could change, “as certain markets are closing while others are still open and robust.”
“Our first quarter has been quite good,” he noted. “We may miss some shipments as we’re catching up, as production is catching up. We believe that by April, our production will be fully caught up.”
Sales of games like Monopoly, Play-Doh and Operation have been especially strong as parents quarantine with their children and the virus continues to upend normal, everyday life.
“This week, we’ll launch a program called ‘Bring Home the Fun,’ trying to give parents and caregivers the resources they need to keep kids occupied to help them get educated and keep the creativity going on,” Goldner said.
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