Second quarter earnings season continues with Toronto-based Spin Master Corp. as the latest publicly traded toy and entertainment company to report.
Spin Master’s total Q2 revenue spiked 39% to $390.8 million while gross products sales jumped 27.2% to $359 million versus $282.2 million during the same period last year. The company says that a 126% spike in other revenue was driven by strong licensing and entertainment efforts. Like Hasbro, Spin Master now reports under three distinct “creative centers”: Toys, Entertainment, and Digital Games.
“By leveraging the strength of each creative center, we are differentiating Spin Master in the children’s entertainment space,” says Spin Master’s Global President and Chief Executive Officer Max Rangel. “We are well-positioned for the second half with an amazing toy lineup, growth in our digital games franchises, and the highly-anticipated release of PAW Patrol: The Movie, our first foray into feature films. Looking to the future, we are focused on adapting to the changing dynamics of play through innovation, customer-driven decision making, partnerships, and a relentless drive to reimagine where imagination can take us, all while delivering profitable growth for our shareholders.”
For the first six months of 2021, Spin Master’s total revenue jumped 39.1% to $707.4 million. Gross product sales increased 24.6%.
Product highlights in Q2 include growth in PAW Patrol, Gabby’s Dollhouse, Monster Jam, Bakugan, Rubik’s, GUND, Tech Deck, and Orbeez.
As expected, sales in activities, games and puzzles, and plush decreased 1.8% as the industry starts running up against skewed comps due to last year’s quarantine-fueled boom.