Mega losses widen in Q2

Mega Brands reports losses of $13.3 million for the quarter ended June 30th.
Author:
Publish date:
5_Pocoyo.jpg

The losses were compared to that of $3.6 million in the same quarter last year.

In line with the firm’s expectations, sales in the period decreased 34 per cent to $70.1 million, compared with $106.4 million year-on-year. The drop reflects lower sales in both product lines.

Toy sales declined to $32.1 million compared to $50.4 million in the same period in 2008. The firm has attributed the majority of the decline to lower shipments in the boys five-plus and magnetic construction categories.

Stationery and activities lines also declined to $38 million compared to $56 million in 2008.

North American sales fell to $53.3 million compared to $69.7 million in Q2 2008. International sales declined to $16.8 compared to $36.7 year-on-year.

Marc Bertrand, president and CEO commented: “Sales have started to pick up and our new products are now at retail. The initial reads are positive and we are building momentum for the peak selling season.

“We are seeing lots of excitement with Battle Strikers growing worldwide. For the rest of the year, we expect to track our 2009 plan.”

Related

5_Pocoyo.jpg

Mega losses improve

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

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.