Spin Master Europe sales up 40% in Q2

Solid second quarter financials show up and down performance across categories, with CEO Ronnen Harary “confident” in brands for second half

Written by Rhys Thomas

Posted 01.08.2019 | Business

Spin Master Europe sales up 40% in Q2 thumbnail

Spin Master’s European business soared in the second quarter, with gross sales up 43 per cent compared with the same period in 2018.

The performance in Europe is a stand out in a solid Q2 financial report, released yesterday.

In North America, sales were also up, though only 1.2 per cent, while the rest of the world took a small dip of 1.7 per cent.

Globally though, the company saw revenues increase to $321m from $311.5m in 2018, a three per cent climb driven by a late Easter, moving from Q1 in 2018 to Q2 this year, and strong performance of brands such as PAW Patrol Bakugan and Monster Jam.

Gross profit increased 7.2 per cent to US$164.3 million, compared to US$153.2 million in 2018. This increase was primarily driven by a stronger product mix this time round, sales of certain discontinued products in 2018, and external factors such as freight expenses.

By category, there were winners and loses. Boys Action and High Tech Construction increased by $42.8 million or 202.3 per cent to US$64.0 million, and Pre School and Girls saw a double-digit uptick of $9.0 million to $96.4 million.

Juno My Baby Elephant

But Activities, Games and Puzzles and Plush, and Outdoor categories both saw single-digit drops.

The worst affected category was Remote Control and Interactive Characters, decreasing by US$23.8 million, or 34.9 per cent, to US$44.5 million, as sales of Hatchimals and Zoomer dropped off. But this was offset by Monster Jam RC and Juno My Baby Elephant, two brands that look set for a strong second half and already making retail Christmas top 10 lists.

Ronnen Harary, Spin Master's Chairman and Co-Chief Executive Officer, says: "Our second quarter results demonstrated the strength, diversity and depth of our innovative product portfolio with positive momentum for many of our key brands, including Bakugan, PAW Patrol, DreamWorks Dragons and Monster Jam.

"Looking forward, we remain confident in our proven track record of innovation and in our global platform. We continue to demonstrate our ability to produce compelling entertainment content, magical toy experiences and to be a great partner for licensors."

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