Plush manufacturer Russ Berrie and Company reported a 24% spike in Q2 sales to US$87.7 million for its infant and juvenile segment.
Sales got a US$22.2 million boost from the acquisition of LaJobi and CoCaLo on April and over the same period last year, the company reported consolidated profits of US$70.7 million.
Net sales for the company’s Infant and Juvenile segment increased 68.8% in Q2 to US$62.2 million, compared to US$36.9 million during the same period last year.
CEO and president Bruce G. Crain said the increase in the kids-related revenues helped to compensate for the decrease in the company’s gift segment which was down 24.8% to US$25.5 million for Q2 2008, compared to US$33.8 million for the same period last year. The decrease is primarily a result in a dip in sales of the Shining Stars product line and overall softness in the gift market due to the economic slowdown.
The consolidated net loss for the first half of 2008 was US$10.1 million.