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Canada

Spin Master cuts gross product sales guidance due to industry softness

TORONTO - Spin Master Corp. says it expects to report its gross product sales fell about one per cent in 2019 compared with earlier guidance for growth in the low single-digit range relative to 2018.

The company says the decrease was due to industry-wide softness of toy sales during the shortened 2019 US holiday shopping season and operational performance challenges.

Excluding the impact of foreign exchange, Spin Master says it expects gross product sales for 2019 to be approximately flat relative to 2018.

Spin Master is the company behind several popular toys including Zoomer, Bakugan, Hatchimals, Air Hogs and Paw Patrol.

Co-chief executive Ronnen Harary says that despite the solid performance of several of its brands and franchises, it was unable to fully offset the year-over-year decline in Hatchimals sales.

The company is expected to report its full financial results on March 4.

This report by The Canadian Press was first published Jan. 21, 2020.

Companies in this story: (TSX:TOY)

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