Toymaker Spin Master reports higher revenue as sales of toys, digital games climb
Published February 1, 2022 at 8:25 am
TORONTO — Toymaker Spin Master Corp. says its revenue grew 26.5 per cent compared with a year ago driven by growth in toy, entertainment and licensing and digital games revenues.
The Toronto-based company says its preliminary unaudited revenue for the three months ended Dec. 31 was US$620.5 million, up from US$490.6 million in the fourth quarter of 2020.
Spin Master, which reports in U.S. dollars, says its fourth-quarter gross product sales were US$627.5 million, up from US$511.8 million.
Spin Master global president and CEO Max Rangel says the results showcase the strength in the company’s three creative centres comprising toys, entertainment and digital games.
He says the toymaker’s team deftly navigated a complex supply chain environment in the fourth quarter to deliver products throughout the holiday season in a timely fashion.
The Canadian toymaker and children’s entertainment powerhouse is behind the popular animated television series Paw Patrol and digital game Toca Life World.
Spin Master plans to host a conference call to discuss its audited financial results on March 1.
This report by The Canadian Press was first published Feb. 1, 2022.
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