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

TORONTO — Spin Master Corp. says 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.

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.

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This report by The Canadian Press was first published Aug. 5, 2020.

The Canadian Press