Spin Master Revenue Growth in Q4

In the latest financial report, Spin Master showed an increase in revenue during the fourth quarter despite a downturn in the industry. The Toronto-based toymaker reported a loss of $30.1 million, or 29 cents per share, for the quarter ended Dec. 31. This compared to a loss of $13.8 million, or 13 cents per share, in the same period last year.

Key Highlights:

• Adjusted earnings per share came in at 19 cents, surpassing analysts' forecast of six cents.
• Revenue increased by 7.9% to $502.6 million, falling slightly below the expected $505.8 million.
• Gross product sales of toys saw a growth of 4.8% to $502.3 million.

Spin Master anticipates that toy gross product sales, excluding the recent acquisition of Melissa & Doug, will remain stable in 2023. CEO Max Rangel credited the company's ability to navigate a tough economic landscape and achieve growth in the toy, entertainment, and digital games sectors. Despite an industry-wide decline, Spin Master's toy sales demonstrated positive growth.