WOONSOCKET – Summer Infant Inc., the infant- and juvenile-products company, reported a profit of $298,000 in the second quarter of 2018, or 2 cents per diluted share, a 44.9 percent decline year over year, from $541,000, or 3 cents per diluted share, in the second quarter of 2017.
The company said it continued to experience a negative impact from the liquidation from Toys R Us Inc., as the company sold through its subsidiary Babies R Us. Six months ended in the second quarter, the company reported a $2.4 million loss.
Sales for the quarter totaled $47.7 million, down from $52.6 million in the second quarter of 2017.
The company said it saw increased competition in the monitor market, in addition to its Toys R Us-related impact as a driving force in its revenue decline. However, it also said it experienced growth with other customers and in certain product categories in the quarter.
The company said its largest North American customers were Amazon.com Inc., Walmart Inc., Target Corp., Buy Buy Baby Inc., The Home Depot Inc. and Lowe’s Co. In Europe, its largest customers were Amazon, Argos Ltd. and Mothercare PLC.
Chris Bergenheim is the PBN web editor.
