Spin Master misses as it swings to US209million loss in first quarter

TORONTO — Spin Master Corp. missed expectations as it swung to a large loss in the first quarter without Toys R Us sales in the United States and a later Easter this year.The Toronto-based company, which reports in U.S. dollars, says it lost US$20.9 million during the three months ended March 31, compared with a profit of $8.7 million a year earlier.Excluding one-time items, the adjusted loss was $12.5 million or 12.5 cents per share, down from a profit of $22 million or 22 cents per share in the first quarter of 2018.Revenues fell 16 per cent to $239 million, from $285.7 million.Spin Master was expected to earn 10 cents per share in adjusted profits on $252 million of revenues, according to analysts polled by Thomson Reuters Eikon.Despite the quarterly loss, the company maintained its outlook for the year on expectations that the rest of 2019 will be more reflective of the underlying strength of the business, said Spin Master chairman and co-CEO Ronnen Harary.“We manage Spin Master for the long-term and as we execute through the tail-end of a very disruptive retail environment, we are confident that we are well-positioned to drive profitable long-term growth.” Companies in this story: (TSX:TOY)The Canadian Press read more