Toymaker Hasbro raising prices ahead of holiday crunch
Hasbro, Inc. officials said in an earnings call Monday that the price hike will be implemented globally
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Toy and game maker Hasbro, Inc., said it's going to raise prices as the holiday buying binge approaches.
"We successfully established price increases that go into effect during the third quarter and provide an offset to the rising input and freight costs in the business," Hasbro CEO Brian Goldner said during the company's second-quarter earnings call on Monday. "These supply chain pressures are meaningful. But given the strength in our business, the actions we have taken, combined with our global footprint, we continue to believe we can meet our full-year targets."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| HAS | HASBRO INC. | 64.73 | -0.42 | -0.64% |
CFO Deb Thomas reiterated during the call, "As Brian mentioned, we're implementing price increases during the third quarter that should be fully realized by the fourth quarter. We expect this to offset the rising cost of freight and commodities we continue to see across the business."
Toy and game maker Hasbro, Inc., said it's going to raise prices as the holiday buying binge approaches. (Getty / Getty Images)
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"We're also working to ensure product availability during the holiday season," she continued, adding, "We may experience some shifts in delivery dates and timing of revenue, but we're leveraging our global footprint and scale to meet demand."
Goldner went on to say that he believes the holiday season "should be incredibly good, and very, very solid with great new innovations coming" from several of Hasbro's brands.
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The company didn't say exactly how much it would raise prices. But in response to an analyst's question, Goldner said that a 10% hike would be "a bit high."