Hasbro said it will ramp up production at factories in China in time to get ready for the vital end-of-year holiday season.

The company today forecast a hit to current quarter sales from coronavirus lockdowns and scrapped its full-year forecast. 

Americans locked in their homes over the past month have spent more on online and board games, and sales of Hasbro's Monopoly and Play-Doh were up. 

But that will not be enough to make up for lost business at stores, as most "non-essential" businesses in the US and Europe remain largely shut. 

The company's manufacturing operations have also taken a hit, but Hasbro said its supply chains were back up in China, where it makes more than half of its products. 

Hasbro said the suspension of movie production and delays in new releases would also hurt sales.

The company, which holds toy licenses to Disney's "Avengers", "Star Wars" and "Frozen", franchises is more dependent on big Hollywood blockbusters to pull in consumers than rival Mattel. 

Sales at Hasbro's Gaming segment, which includes brands such as Monopoly and "Magic: The Gathering", surged 40% in the first quarter. 

But overall, the company swung to a loss of $69.6m in the first quarter ended March 29, compared with a profit of $26.7m a year earlier due to its $4 billion purchase of Peppa Pig series maker Entertainment One. 

Excluding items, the Rhode Island-based company earned 57 cents per share, slightly below analysts' average estimate of 58 cents, according to IBES data from Refinitiv. 

Net revenue rose 51% to $1.11 billion, boosted by revenues from Entertainment One distributed properties including Oscar Winning film "1917". However, those figures also came slightly below estimates. 
 

Hasbro previously said 2020 total revenues could be in excess of $6.2 billion, a 31.4% increase from the prior year. It also expected to increase operating profit margin to above 15% from 13.5% in 2019.