Character Group sales down

Character Group, which produces some of the best-selling toys in Britain including RoboSapiens, Scooby Doo and the Doctor Who range, said its sales between September and December will be 18% down compared with this time last year.

Furthermore, orders for December were ‘nowhere near expectations’. Yesterday, shares in the group fell 61p to 77p, the lowest level for over a year.

The group has already had a setback when one of its biggest sellers, Bindeez beads, was taken off shelves last month after it was discovered that the beads contained a chemical that converted into a powerful date rape drug when swallowed. This resulted in the company losing around £2.5 million in sales.

In a statement, the group blamed the delay of Christmas sales on the High Street, which resulted in retailers failing to re-stock their shelves. The group added that it is not immune to the effects of faltering consumer confidence and this opinion seems to be supported by the heavy discounting occurring on the High Street.

However, its 2008 range has been well-received by retailers and it expects sales growth in the second half of the financial year to August 2008 to be ahead of this year’s, concluded the group.

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