After riding out a tumultuous 2007, the picture doesn’t seem to be brightening for Oak Brook, Illinois-based RC2 Corporation. First quarter sales are down approximately 17% from same-period figures last year.
Q1 net sales dropped to US$93.3 million from US$112.6 million in Q1 2007. Net income was also down to US$2.0 million from US$8.1 million a year ago and took a hit of US$1.5 million on covering recall-related costs.
Company officials point to ‘softness’ in all product categories with the mother, infant and toddler products category sales down roughly 10%, and the preschool, youth and adult products revenues dropping a considerable 23%.
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