Hasbro is seeing “great demand” for its toys as families spend more time together under one roof, CEO Brian Goldner said yesterday in an interview with CNBC.
Family favourites like Monopoly, arts and crafts brand Play-Doh, and card game Magic: The Gathering are seeing particularly strong demand, he said, as parents scramble for ways to keep their children busy while not attending school.
Meanwhile, the toy company’s supply chain in China, where the coronavirus had crippled factory work, is “back up and running”. Sales in China have also begun to pick up pace as new cases of the virus subside and life returns to relative normalcy in much of the mainland.
“We believe that by April our production will be fully caught up,” Goldner told CNBC, adding that while he expects to miss some shipments as the supply chain whirs back to full capacity, “our first quarter has been quite good”.
While delivery of well-known brands continues, Hasbro is also busy working on bringing brand-new products to market that better meet the demands of stay-at-home families.
“This week we’ll launch a program called ‘Bring Home the Fun,’” he said, “trying to give parents and caregivers the resources they need to keep kids occupied to help them get educated and keep creativity going on.”
Currently the company says it has no plans to layoff staff, and Goldner underlined the fact that the coronavirus had yet to put too much strain on its cashflow and reserves. And while demand remains high for its toys, the company expects to report a decent set of first quarter results in late April.