"With rising prices and basics like shelter, food and energy, consumers are feeling the pinch," said Max Rangel, president and CEO of Toronto-based toy and entertainment company, in a call with analysts on Wednesday.
"We expect this environment will continue throughout 2024 as consumers manage through the impact of high interest rates and inflation," he added.Spin Master, which is behind the popular brands Paw Patrol, Bakugan, Hatchimals and Rubik’s Cube, has a series of new releases lined up for the fall, Rangel said.
The comments came as Spin Master reported a loss of US$54.8 million in the first quarter, compared with a loss of US$1.9 million a year earlier. Its revenues totalled US$316.2 million, up from US$271.4 million during the same quarter last year. The acquisition of toy company Melissa & Doug added US$40.4 million to Spin Master's revenue during the quarter.
Chief financial officer Mark Segal said in a release that toy gross product sales excluding the acquisition's impact were in line with a year earlier, during what's normally the lowest quarter for the toy industry."We've already begun to capitalize on cost synergies and identify revenue growth opportunities," Segal said.This report by The Canadian Press was first published May 8, 2024.
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