Thanks to the runaway success of its Hatchimals toy property, Spin Master is in a joyous mood.
The Toronto-based toy and Entertainment Company generated US$1.15 billion in revenue last year showing an increase of 31.3% over 2015.
That growth was said to be due in part to stellar holiday sales which saw a 30.9% rise in Q4 2016 revenue to the tune of US$338.4 million.
Hatchimals, the eggs that open to reveal their inner colorful animals, were a top-selling toy last Christmas. This helped Spin Master’s Remote Control and Interactive Characters category grow to US$282.8 million in fiscal 2016, an increase of 21.2% over 2015. In Q4 specifically, the category grew by 85.2% to US$92.6 million.
The Hatchimals property was first introduced in Q3, when sales of the colorful creatures contributed to gross product sales of US$518.6 million (an increase of 18% over 2015).
In addition to Hatchimals, Spin Master’s Q3 acquisition of outdoor and sports toys company Swimways Corporation helped the company in a big way last year. Spin Master acquired Swimways for US$85 million in cash, and by the end of Q4, the new outdoor category’s gross product sales reached US$19.1 million.