Mega losses improve

Recall repercussions are still being felt, but Mega Brands reported improved losses in its latest first quarter results.
Publish date:

The company lost $9.6m in the period ended March 31st compared to a loss of $23.9m in the same period last year.

Net sales fell 12.2% to $79.1m compared with $90.1m in the previous first quarter.

Voluntary product recall and other charges amounted to $35.2m. It announced two new recalls in March after reports of magnets coming loose from several toys manufactured in China.

The firm says it has completed the integration of its North American distribution activities as well as other efficiency measures that should generate $12m in annualised savings starting toward the end of the second quarter.

It also confirmed that it is continuing to explore the sale of its RoseArt stationery and activities business, which had sales of more than $200m last year.


Featured Jobs

Copyrights Group

Marketing Manager

The Copyrights Group is one of the licensing arms within The Vivendi Group. Acquired by Vivendi in 2016 Copyrights manages the licensing for a portfolio of properties to include Paddington Bear. Some of the other companies within the Vivendi Group include Universal Music Group, and their licensing arm Bravado, Gameloft and Studiocanal to name a few.