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Spin Master sees 'positive' back half of year for toy market after posting Q2 loss
TORONTO — Spin Master Corp.'s chief executive expects the back half of the year to be "positive" for the toy category, even as consumers continue to rein in their spending.
Max Rangel says his hypothesis is based on promising developments he foresees across several of the brands Spin Master is behind or licenses.
For example, he expects Ms. Rachel products to perform well this fall and sees potential strength coming from new theatrical-based toy lines under the Superman and Gabby's Dollhouse brands.
Rangel's remarks come a day after Spin Master revealed its second quarter brought a loss of US$24.5 million, compared with a US$28 million profit a year earlier.
Revenues for the period ended June totalled US$412 million, down from US$420.7 million during the same quarter last year.
Even though the Toronto-based toymaker saw its results tumble, Rangel says he is encouraged by consumer sentiment, which appears to be improving.
This report by The Canadian Press was first published July 31, 2024.
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