Spin Master reported total revenue of $714.5 million in Q3 of 2021 — up 25% from $571.6 million last year.
Its total revenues for the first nine months of the year (ended September 30, 2021) reached $1.42 billion, a 31.7% increase from $1.08 billion in 2020.
Spin Master saw growth across all three of its creative centers — toys, entertainment, and digital games.
Higher sales in the preschool and girls and boys categories bumped gross product sales up to $681.2 million in Q3, a 16% increase from the year prior.
“Our global supply chain team expertly managed the market disruptions to ensure steady inventory flow, which allowed us to grow our market share in the U.S. and build momentum ahead of the holiday season,” said global president and CEO Max Rangel.
The release of PAW Patrol: The Movie in August boosted entertainment and licensing revenue 158% — to $53 million, from $32.4 million in 2020. Spin Master recently announced a second PAW Patrol feature film is in the works for 2023.
Meanwhile Toca Life World drove digital games revenue, which totaled $53.8 million (93.5% higher, compared to $26 million reported in Q3 of 2020).
“Our first feature film, PAW Patrol: The Movie, helped recruit new fans to the franchise through increased awareness globally, which drove demand for our toys. Within digital games, Toca Life World continues to drive exceptional consumer engagement and revenue growth,” said Rangel. “With a continued focus on innovation and operational execution, we believe we are well positioned to bring magical play experiences to kids and their families.”
According to Spin Master chief financial officer Mark Segal, gross product sales and total revenue this quarter were higher than any other quarter in the company’s history.
“The combination of strong sales, diligent cost management and our continued efforts to refine our operational capability led to record profitability levels,” Segal said.
He added that the company is raising its gross product sales and total revenue outlook for 2021.
“For the balance of the year we will continue to take a disciplined approach to manage costs and maximize profitability and cash flow” Segal said. “With a diversified portfolio of brands, entertainment franchises and digital games across our global platform and a very solid financial base, we remain focused on investing to create long term value.”
See the full financial results here.