Hong Kong-based VTech Holdings Limited this week announced its results for fiscal 2021, with revenue up 9.5% to a record $ 2.37 billion.
While the multi-faceted company is known for a mix of toll manufacturing services, telecommunications products and electronic learning toys (ELP), it is the latter that have led the growth in North America. Sales of ELP products increased 8.8% to $ 539 million. VTech says standalone products from its toy brands LeapFrog and VTech have each ridden the wave of strong toy sales in the United States, with LeapFrog’s sales increases seen as “particularly robust.” According to the NPD Group, VTech is the leading manufacturer of PELs for infants, toddlers and preschoolers in the United States.
VTech says its KidiZoom and Go! Go! The Smart product family made up for some declines in other preschool products, while Blue’s Clues & You! licensed toy series, Really Smart Handy Dandy Notebook and other toys offset a drop from LeapBuilders.
Although platform product sales declined slightly in North America, VTech says LeapFrog Academy memberships have increased dramatically as families look for ways to keep kids engaged and learning at home.
Check out the May 2021 issue of the toy book for additional insight into VTech’s toy industry in the United States