Hong Kong-based VTech Holdings Limited reported its fiscal 2021 earnings this week with revenue spiking 9.5% to a record $2.37 billion.
While the multifaceted company is known for a mix of contract manufacturing services, telecommunications products, and electronic learning toys (ELP), it’s the latter that led the charge for North American growth. Sales of ELP products grew 8.8% to $539 million. VTech says that standalone products from its LeapFrog and VTech toy brands each rode the wave of strong toy sales in the U.S. with LeapFrog sales increases said to be “especially robust.” According to the NPD Group, VTech is the number one manufacturer of ELPs for infants, toddlers, and preschoolers in the U.S.
VTech says that its KidiZoom cameras and Go! Go! Smart family of products offset some declines in other preschool products, while the Blue’s Clues & You! series of licensed toys, Really Smart Handy Dandy Notebook, and other toys offset a decline in LeapBuilders.
Although sales of platform products decreased slightly in North America, VTech says that subscriptions to LeapFrog Academy increased substantially as families looked for ways to keep kids engaged and learning at home.
Check out the May 2021 issue of the Toy Book for an additional look at VTech’s toy business in the U.S.
