Montreal, Canada-based toyco Mega Brands is one among many toycos that have taken a hit in the first quarter.
Total net sales were down to US$43.5 million from US$79.4 million earned in the same period last year. Net sales of toys also saw a decline to US$23.4 million from US$47.2 in Q1 2008, while stationery and activities net revenues also dropped to US$20.1 million, compared to US$32.2 million during last year’s first quarter.
Overall, Mega Brands saw a net loss of US$25.9 million in Q1 2009. It marked a net loss of US$9.6 million in the first quarter of 2008.
President and CEO Marc Bertrand says the toyco expects lower shipments in the next two quarters, but that it also expects similar sales to last year as it gets closer to the fourth quarter.