Character leaps with focus on cheaper toys
11 April 2012
Sales of Zhu Zhu Pets, a new range of Dr Who merchandising and the licence to sell Scooby-Doo toys helped to drive a 35% jump in sales to £58.1 million at Character Group.
Pre-tax profits leapt 78% to £6.64 million in the six months to February 28 despite the VAT rise and the wobble in consumer confidence.
Executive chairman Richard King said the key had been to focus on cheaper toys and developing Character's own brands: "We've reduced our pricing. We no longer look for high volume in high-priced goods," he said.
While King is confident about increasing Character's market share, he warned of a slowdown in sales.
