A fall in confectionery sales has taken the shine off a rise in first-quarter profits at US consumer goods group Topps.
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Net sales from the company’s confectionery division slumped 15% to US$35.2m during the three months to 2 June, Topps said today (17 July). The fall pushed down group turnover by 5% to $72.3m.
Topps blamed “softness” in its core lollipop business and reduced sales of Pokemon candy in Europe.
“We are also actively implementing changes across the board in our confectionery business,” said Topps chairman and CEO Arthur Shorin. “However, there are still many challenges in this segment which we expect will continue to impact our performance.”
Topps, meanwhile, saw net income reach $1.1m, up from $388,000 a year earlier.
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By GlobalData
