Another global toy company and another ‘exceptional second quarter performance’ rings in this morning as Spin Master joins the ranks of those experiencing Q2 2021 revenue surges.
Total revenue for the Canada-based toy maker increased 39 per cent this past quarter to hit $390.8 million, up from the $281.1 million it posted in the same period last year, with gross product sales growing 27.2 per cent, driven by higher sales in preschool and girls and boys.
Broken down market by market, gross product sales across Europe grew 23.7 per cent on last year, 23.7 per cent in North America, and 58.2 per cent in its Rest of World market.
“Our strong financial performance this quarter reflects our success in creating exceptional play experiences for children and their families across toys, entertainment, and digital games,” said Max Rangel, Spin Master’s global president and chief executive officer.
“By leveraging this strength of each creative centre, we are differentiating Spin Master in the children’s entertainment space. We are well positioned for the second half with an amazing toy line up, growth in our digital games franchise, 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 relentless drive to reimagine where imagination can take us, all while delivering profitable growth for our shareholders.”
Driven primarily by preschool and girls and boys sectors, Spin Master’s gross product sales increased by $70.3 million to hit $352.9 million for Q2 2021. Preschool and Girls grew by 60 per cent thanks to increased sales of PAW Patrol, as well as Gabby’s Dollhouse and Present Pets.
Activities, Games and Puzzles, and Plush decreased by $1.8 million. The decline was driven primarily by the Games and Puzzles portfolio, offset in part by sales of Rubik’s, Influencer, GUND, and Orbeez.
Gross product sales in Boys increased by $23.6 million driven by sales of Bakugan, Tech Deck, and Monster Jam RC. This was partially offset by declines in DreamWorks Dragons.
The outdoor product sector decreased by $1.1million.
In first half of the year terms, total revenue at Spin Master has increased 39.1 per cent on the six months ended June 30th, 2020. Gross product sales have increased by $129.2 million to hit $653.7 million.
Mark Segal, Spin Master’s chief financial officer, said: “We delivered very strong financials and operating performance this quarter.
“Our revenue trajectory continued to strengthen, driven by accelerating momentum in our Digital Games and Entertainment creative centres, which drove margin expansion and we are raising our total revenue outlook for the year.
“We remain committed to our financial framework for value creation, underpinned by our formula for innovation and global growth across toys, entertainment, and digital games.”