Hasbro had their 2021 first quarter financial results conference call and in this call Hasbro announced to investors that they will be raising the prices of their products in order to meet the demand for raw material costs. Read the full summary below. Don’t forget to discuss this in our Forum Thread or on our Discord: https://discord.gg/allspark
Source: Reuters
“Hasbro Inc (HAS.O) said on Tuesday it would raise prices of toys and games to counter higher raw material costs as the company sees surging demand for its Nerf blasters and board games from families spending more time at home.
Shares of the Monopoly maker, which late on Monday announced the sale of Entertainment One Music to Blackstone Group Inc (BX.N) for $385 million, rose 1% in morning trading.”
“Freight and input cost increases have become more pronounced over the past several months, and we have plans in place to help mitigate those costs, including price increases for the second half of the year,” Hasbro Chief Financial Officer Deborah Thomas said.
The toymaker, like most U.S. manufacturers, has had to contend with rising resin, packaging and metal prices, as well as soaring transportation costs due to high demand and supply disruptions caused by the COVID-19 pandemic.
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