Spin Master Corp. says it earned US$28 million in the second quarter, down from US$88.1 million a year earlier.

The Toronto-based toy and entertainment company says revenue was US$420.7 million, down from US$506.3 million during the same quarter last year.

Earnings per diluted share were 26 cents, down from 83 cents.

Toy revenue for the company was US$346.3 million, down from US$437.6 million last year.

Sales for toy products declined due to lower order volume, as Spin Master says customers reduced retail inventory levels.

Chief financial officer Mark Segal said while the company's results were challenged compared with last year, it's maintaining its 2023 outlook.