After crossing the US$1-billion mark in sales last year, Toronto, Canada-based toy and entertainment company Spin Master has posted a 41% raise in revenue for the first fiscal quarter ending March 31.
The company’s sales rose to US$227.7 million from US$161.7 million a year ago, despite Easter falling into Q2 2017. Besides, revenue came from Swimways which the company acquired in Q3 2016 for US$85 million in cash. With this, the revenue grew 19.8%.
Other factors contributing to the increase included the ongoing strength of the company’s Remote Control & Interactive Characters and Pre-School and Girls business segments.
The former segment experienced 115.4% growth to US$46.5 million in Q1 gross sales, primarily due to the ongoing success of the Hatchimals collectibles toy property, which offset a decline in Air Hogs.
Gross Q1 product sales for the company’s Pre-School and Girls segment, meanwhile, went up 6.6% to US$84.7 million, driven by PAW Patrol and PowerPuff Girls. Sales were offset by dips in Chubby Puppies and Little Charmers.
For Activities, Games & Puzzles and Fun Furniture, a decline in Kinetic Sand drove sales down 3.5% to US$48 million, after a 46% increase in Q4.
The Q1 decline was offset by new IP including Rube Goldberg and Kinetic Rock, as well as steady growth in Cardinal and Bunchems.
Spin Master is also expecting more success to come from its newly launched Hatchimals Colleggtibles line.
