Singing Machine Announces Strong Holiday Results
Fort Lauderdale, FL, Jan. 08, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- The Singing Machine Company, Inc. (“Singing Machine” or the “Company”) (OTCQX: SMDM) – the North American leader in consumer karaoke products – announces strong results from the 2018 holiday season.
Singing Machine products were featured nationally in major ad campaigns over the Black Friday weekend with promotions in over 7,000 brick and mortar retail locations nationwide. The Company announced strong sell-thru for many of its Black Friday promotions with one major retailer selling over 100,000 Singing Machines in a two-day period. Singing Machine reports that over $10 million dollars of Singing Machines were purchased by consumers during the last two weeks of December. At many of Singing Machine’s retailers, the Company saw sell-thru rates over 90% and another major retailer posting positive comps YoY in December at over 50%. Despite positive news from retailers, the Company noted that a majority of the sales to Toys ‘R’ Us were not replaced this year after the toy retailer filed for liquidation earlier this year.
Bernardo Melo, VP of Sales & Marketing, commented, “We saw a late start to the holiday season this year, but when the sales came in, they came in a big way. We were surprised at the late surge of sales right before Christmas and the week following, however it’s been our experience that the Toys ‘R’ Us shopper was always a late customer.” Melo added, “This year our entry-level products excelled with strong sell-thru across the board and over 90% sell-thru at select retailers that carry our products seasonally. Our Toy line also performed strongly, growing in market share despite losing Toys ‘R’ Us. With the crowded field of options for toys and musical instruments and significantly less shelf space available, we were pleased how well our Singing Machine lines of products performed this holiday season. We continue to pursue opportunities to expand our product assortments and partnerships and look to leverage those into 2019.”
About The Singing Machine
Based in the U.S., Singing Machine® is the North American leader in consumer karaoke products. The first to provide karaoke systems for home entertainment in the United States, the Company sells its products worldwide through major mass merchandisers and on-line retailers. We offer the industry's widest line of at-home karaoke entertainment products, which allow consumers to find a machine that suits their needs and skill level. As the most recognized brand in karaoke, Singing Machine products incorporate the latest technology for singing practice, music listening, entertainment and social sharing. The Singing Machine provides consumers the best warranties in the industry and access to over 13,000 songs for streaming and download. Singing Machine products are sold through most major retailers in North America and internationally. See for more details.
Forward-Looking Statements
This press release contains forward‑looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward‑looking statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management and include, but are not limited to statements about our financial statements for the fiscal year ended March 31, 2018. You should review our risk factors in our SEC filings which are incorporated herein by reference. Such forward‑looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward‑looking statement to reflect events or circumstances after the date of this release.
Investor Relations Contact: Brendan Hopkins (407) 645-5295 /investors
