TORONTO — A Spin Master Corp. executive says store sales across the toy industry in October were disappointing and well below retailers' expectations.
The Toronto-based toy manufacturer's chief financial officer says the trend is pushing retailers to be more conservative when placing orders for the holiday season.
Mark Segal says stores have started reducing their orders slated for November and December delivery to prevent potential overstocking. Despite the challenging environment, Segal was optimistic about his company's performance because its supply chain economics have stabilized and he's bullish about some recent deals.
Spin Master last month announced a $950 million purchase of Melissa & Doug, a Wilton, Conn.-based company known for its wooden and sustainable toys. Spin Master, which is also behind the Paw Patrol brand, also said it had reached an agreement for the global toy licence for Dora, the new reboot of the"Dora the Explorer" franchise coming next year.The Canadian Press
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