Toy maker Hasbro has warned it will have to hike prices even more to offset other rising costs.
The Action Man maker said it was anticipating a potential revenue hit of some $100m this year after it suspended toy shipments to Russia.
Hasbro said it would hike prices mid-year and was trying to mitigate supply issues relating to Covid 19 outbreaks in some countries.
“To improve product in stocks this holiday season versus last, we’re advancing deliveries of key items so that we can ensure they’re on hand,” chief financial officer Deborah Thomas told reporters yesterday.
The company, which owns brands including My Little Pony and Play-Doh, lifted its fiscal 2022 operating profit growth forecast to mid-single digits from an initial estimate of a low-single-digit rise.
Net revenue rose four per cent to $1.16bn after roaring demand for toys based on the latest Spider-Man film, Shoppers also opted for role-playing games, such as Dungeons & Dragons.