Trading in an iron for a cat looks to have been a good move for Hasbro, which is crediting a recent surge in revenue to the introduction of a new Monopoly piece.
The U.S.-based toymaker posted higher than expected earnings for its first quarter on Monday. The company said revenue was in part buoyed by the recent and “tremendously successful” online campaign, in which fans of the board game Monopoly voted to replace one of its eight iconic pieces with something new.
Fans in more than 120 countries voted on Facebook in February to get rid of the iron and replace it with a cat. A robot, helicopter and a guitar were also in the running.
Hasbro said Monday it plans to follow up with more versions of the game. The company’s other big sellers include the G.I. Joe, Transformers and My Little Pony franchises.
Together with its game division, revenues were also up among Hasbro’s preschool and girl-aimed toys, while sales of toys aimed at boys slumped by 20 per cent.
Growth in its girls' category was driven by Furby, My Little Pony and One Direction. Play-Doh helped boost its preschool category and action games such as Angry Birds Star Wars helped fuel growth in the games category.
Hasbro lost $6.7 million, or five cents per share, compared to a loss of $2.6 million, or two cents per share, for the same period a year ago.
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