Business

Toymaker Spin Master sees revenues climb amid higher sales for some games and toys

TORONTO —
Toymaker Spin Master Corp. says its revenue grew 3.6 per cent compared with a year ago as an increase in sales of activities like Kinetic Sand and Paw Patrol toys offset declines in remote control games and interactive characters like Hatchimals.

The Toronto-based company says revenue for the three months ended Dec. 31 was US$490.6 million, up from US$473.5 million in the fourth quarter of 2019.

Spin Master, which reports in U.S. dollars, says its fourth-quarter net income was $300,000, with no earnings per diluted share, compared with a net loss of $17.2 million or 17 cents per diluted share a year earlier.

Spin Master co-CEO Ronnen Harary says the toymaker made significant operational improvements and cost efficiencies in 2020 while navigating the pandemic.

He says the company is excited by strong growth in its digital games business led by Toca Life World.

Meanwhile, Spin Master completed a US$50-million deal to buy the London-based maker of the Rubik’s Cube in January.

This report by The Canadian Press was first published March 2, 2021.



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