Spin Master Revenue Soars in Q3

The company’s gross product sales also increased 27.4 percent to $660.9 million.

GLOBAL–Spin Master released its third quarter financial results, reporting a 27.6 percent increase in revenue to $606.1 million, compared to $475 million in the year prior.

The toy company also reported that gross product sales increased 27.4 percent to $660.9 million, compared to $518.6 million in the year prior. Product sales were driven by “Paw Patrol,” Hatchimals and Cardinal Games, which offset declines in Air Hogs and Zoomer.

Additionally, gross product sales increased 22.6 percent in North America, 37.2 percent in Europe and 41.9 percent in the rest of the world. International gross product sales on a combined basis accounted for 32.5 percent of total gross product sales.

Gross profit also increased 27.9 percent to $316.9 million, representing 52.3 percent of revenue.

Finally, other revenue, which primarily reflects merchandising royalties and TV distribution income from products marketed by third parties, as well as app revenue from Toca Boca and Sago Mini, was $17.7 million, compared to $17.3 million in the year prior.

"Our strong third quarter results and our continuing focus on operational efficiency has the company well positioned as we enter the busy holiday shopping season," says Ben Gadbois, president and chief operating officer, Spin Master. "Spin Master's ongoing drive to innovate is evidenced by the successful launches this fall of Luvabella and Hatchimals Surprise, which have contributed to the strength and depth of our product portfolio. International sales growth continues to accelerate and we are very pleased with the performance of our new direct markets in Australia, Central Eastern Europe and China. In the initial weeks of the fourth quarter, we have seen strong momentum in our sales and in consumer reaction to our products."