Spin Master sees 'positive' back half of year for toy market after posting Q2 loss
CTV
Spin Master Corp.'s chief executive is optimistic the year will end on a high note for the toy market, despite shoppers sticking with their deal-hunting behaviours.
Spin Master Corp.'s chief executive is optimistic the year will end on a high note for the toy market, despite shoppers sticking with their deal-hunting behaviours.
"Even though the consumer continues to face many financial headwinds, particularly in the U.S., there are reasons to believe that the back half of the year will be positive for the toy category," Max Rangel told analysts on a Wednesday call.
His hypothesis is based on promising developments he foresees across several of the brands Spin Master is behind or licenses. Those brands include Paw Patrol, Bakugan, DreamWorks Dragons, Gund and Kinetic Sand.
In the fall, Rangel expects products from Ms. Rachel, a social media personality who created the children's music series "Songs for Littles," to perform well.
He also sees strength coming from new theatrical-based toy lines under the Superman, Dragons 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.
