WOONSOCKET – Summer Infant Inc., creator of infant and toddler products, reported a loss of $2.7 million in the first quarter of 2018 and a $5.3 million year-over-year decline in revenue to $42.1 million in a Securities and Exchange Commission filing this week.
Loss per diluted share was 15 cents for the quarter, compared with diluted earnings per share of 1 cent in the first quarter of 2017. Earnings in the first quarter of 2017 were $170,000.
The company reported it continued to be impacted by the bankruptcy filing of Toys R Us, owner of Babies R Us, one of the company’s key retailers. It says that in North America, its principal customers now include Amazon.com, Walmart, Target, Buy Buy Baby, Home Depot and Lowe’s.
The company also cited a decline in baby monitor sales as a partial contribution to the sales decline.
The company expects to continue facing constraints on liquidity in the second quarter due to the Toys R Us bankruptcy.
Chris Bergenheim is the PBN web editor.