Spin Master has detailed its financial results for the first quarter ended March 31, 2017, which saw the toy firm enjoy growth in revenue.
The firm detailed that revenue of $227.7 million increased 40.8 per cent from $161.7 million, while brands including PAW Patrol, Hatchimals and Swimways contributed to a Gross Product Salesincrease of 31.8 per cent to $229.1 million.
Overall, Gross Product Sales increased by 32.9 per cent in North America, 39.2 per cent in Europe and 13.6 per cent throughout the rest of the world.
Meanwhile, International Gross Product Sales on a combined basis represented 33 per cent of total Gross Product Sales in Q1 2017, the same as the comparable period in 2016.
Spin Master also noted that net income was $10.1 million, or $0.10 per share, compared with $9.9 million, or $0.10 per share in Q1 2016
"Spin Master continues to generate solid financial results. Q1 2017 was characterised by the continued execution of our four key growth strategies and included some investment spending that will position us well for future growth,” said Ben Gadbois, president and COO of Spin Master.
"Gross Product Sales growth over last year of nearly 40 per cent in Europe and 33 per cent in North America, despite the later timing of Easter, exceeded our expectations and highlights our strategy to grow our global sales. We are managing our inventory well and POS results continue to indicate strong consumer engagement with our brands and products."
Ronnen Harary, co-chief executive officer at Spin Master, added: “The strong momentum we saw in 2016 is continuing in 2017. Our entertainment properties including PAW Patrol and the recently launched Rusty Rivets are resonating very well with children globally and the ongoing success of the Hatchimals line including the just released Hatchimals Colleggtibles, is a testament to our ability to innovate.”