Toy-maker Hasbro revenues boosted by Monopoly sales

Monopoly board Image copyright Justin Sullivan/Getty
Image caption Hasbro net profit spiked 41% in the first quarter

Toy-maker Hasbro said revenues in the first quarter increased 2%, prompting a surge in share value on Monday.

The US firm, which owns brands such as Play-Doh and Disney Frozen, saw growth in the US and Canada, and in its entertainment and licensing division.

The company cited strong demand for Monopoly, Nerf and Transformers products.

But international sales were flat, with a 4% decline in Europe.

Chief executive Brian Goldner said that the results were in line with expectations and position the firm for future growth.

"Our year is set up for success," he said,

Net earnings spiked 41% to $68.6m (£53.7m), due in part to a more favourable tax rate.

Total revenue in the first quarter was $850m, from $831m in the same period in 2016.

Executives said the decline in operating profit was due to higher expenses, a shift in product mix, and falling revenue from the Magic: The Gathering products.

Investors responded positively to the results, sending the share price up more than 5% in morning trading on Monday. It hovered above $101 around 12 noon local time, a new high for the company.

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