Leapfrog sales slip in Q1

Results reveal six per cent dip compared to last year.
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The electronic toy-maker’s sales were $40 million, a six per cent slip when compared to the same period in 2010.

Leapfrog reported a net loss of $22.2 million dollars, improving on the $23.5 million loss in the same period last year.

Net sales from the US were $26 million, down 19 per cent, due to high retail inventory. Internationally, sales were up 37 per cent at $13 million.

Leapfrog also revealed operations savings of $1 million, with expenditure totalling $22 million.

Despite the new LeapPad scheduled for launch this summer, Leapfrog expects its quarterly sales to be down throughout the year. Second quarter net sales are predicted to be lower, down between 15 per cent and 20 per cent.

John Barbour, chief executive officer, said: "LeapFrog has accomplished much over the last few years, including returning to profitability in 2010. Our first quarter results are yet another positive step towards earnings improvement.

"I believe that LeapFrog has strong earnings potential given our leading brand, unique product portfolio, significant game-changing opportunities, and experienced team."

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