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Money Spin Master cuts gross product sales guidance due to industry softness

16:45  21 january  2020
16:45  21 january  2020 Source:   msn.com

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A multi-category children's entertainment company since 1994, Spin Master has been designing, developing, manufacturing and marketing consumer products for children around the world and is recognized as a global growth leader within the toy industry .

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  Spin Master cuts gross product sales guidance due to industry softness © Provided by The Canadian Press

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.

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If Spin Master does not create original products , brands and entertainment properties, or enhance existing products , brands and entertainment properties, that satisfy consumer preferences, and anticipate, initiate and capitalize on developments in its industry , the Company’s business will suffer.

Spin Master Reports Growth in 2018, Despite Challenging Industry Disruption. Gross Product Sales 2 in Boys Action and High‑Tech Construction increased by .0 million 18.7% to 3.1 million, primarily due to sales of Boxer and Fugglers and initial shipments of DreamWorks Dragons, Bakugan

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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