Summer Infant continues to feel Toys R Us bankruptcy as revenue declines in Q1

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, 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.

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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.