Canadian Manufacturing

Spin Master takes $14.5M Q2 loss as Hatchimals, Paw Patrol sales slip

Spin Master posted an adjusted net loss of nine cents per share, compared to a loss of 17 cents per share expected

August 6, 2020  The Canadian Press

TORONTO — Spin Master Corp. said it lost money in the second quarter as strong demand for outdoor play equipment, plushies and puzzles failed to offset declines in sales of Hatchimals and some Paw Patrol-branded merchandise.

The Toronto-based company, which keeps its books in U.S. dollars, lost US$14.9 million, or 15 cents per share, in the three months ending June 30.

During the same period in 2019, the children’s entertainment company earned US$10.2 million or 10 cents per share.

On an adjusted basis, the toymaker lost less money than expected during the quarter.

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Spin Master posted an adjusted net loss of nine cents per share, compared to a loss of 17 cents per share expected by analysts polled by Refinitiv.

Revenue was US$281 million for the quarter, down from US$321 million in the year-ago period.