Spin Master Corp. kicked off 2021 with a solid first quarter.
The Toronto-based toy and entertainment company reported that gross sales spiked 21.6% in Q1 to $294.7 million versus $242.3 million during the same period last year. According to the company, robust sales in preschool, girls, and outdoor categories led the charge. Total revenue grew 39.3% to $316.6 million versus $227.3 million in the first quarter of last year.
“Our performance this quarter clearly demonstrates our commitment to creating exceptional play experiences and engaging children’s entertainment through our three creative centers comprising toys, entertainment, and digital games,” says Spin Master Co-Founder Ronnen Harary. “It is very gratifying to see both our strong financial and operating performance this quarter compared to the same period last year, especially from the continued growth in digital games. We recognize the incredible dedication of our teams across the globe. Together, they have rallied to drive the strong results we achieved this quarter. As we manage through the complexities of the pandemic, I am continually amazed and impressed by the effort and dedication of our employees.”
Sales of outdoor toys increased 47.9% in Q1 followed by a 33% boom in preschool and girls toys. Spin Master says that increased sales of PAW Patrol and Present Pets led the category while Twisty Pets, Candylocks, Owleez, and Hatchimals items continued to decline.
Monster Jam, Supercross, Tech Deck, and Bakugan fueled a 12% gain in the boys category that was partially offset in declines from DC Comics licensed products and DreamWorks Dragons lines.
Finally, activities, games and puzzles, and plush sales increased 9.2% driven by Rubik’s products and items within the games and puzzles portfolio.
“At the heart of Spin Master’s growth story is a remarkable purpose — to create magical play experiences for children and their families around the world,” says Spin Master’s Global President and CEO Max Rangel. “Our commitment to that purpose is unwavering. How we bring this vision to market across our three creative centers will continue to evolve and adapt to the changing content landscape, consumer preferences, and emerging trends in children’s entertainment.”
Harary, Rangel, and Mark Segal, chief financial officer, will host a conference call for the investment community tomorrow at 9:30 a.m. ET to be followed by Spin Master’s virtual annual meeting of shareholders at 11:30 a.m. ET.
