TORONTO -- Executives at toymaker Spin Master Corp. are looking outside North America in hopes the worldwide popularity of franchises like "Jurassic World" and "Star Wars" will spur future sales growth.
Chief operating officer Ben Gadbois told analysts Wednesday that the Toronto-based company now is taking only a fraction of its potential share of the global toy market.
Sales outside North America represent about 72 per cent of the world's toy industry, he said, yet global sales represented only 28 per cent of Spin Master's total in 2014.
"We have significant opportunities to reach deeper into markets where we already have established offices," Gadbois said on a conference call.
Spin Master runs sales and distribution operations across western Europe, which it believes will give it a better position to shop for new acquisitions in certain markets.
"We are looking for opportunities to acquire brands, fuse these newly acquired brands with our innovation capabilities and drive growth in sales and margins," Gadbois said.
On Tuesday, Spin Master (TSX:TOY) reported it more than tripled profits in the second quarter, helped by sales of toys from its "Paw Patrol" franchise. Overall net income rose to US$7.6 million from $2.1 million in the same period a year earlier.
Revenue grew 19.9 per cent to US$127.7 million from US$106.5 million.
Spin Master, which manufactures a range of toys and board games, made its initial public offering on the Toronto Stock Exchange last month.
