The impact of coronavirus led to a 49% decrease in sales during the second quarter.
Funko has reported its consolidated financial results for the second quarter ended 30th June, 2020.
The company is the latest to reveal the substantial impact of coronavirus on its business. Sales decreased 49% to $98.1m in the second quarter of 2020 compared to $191.2m in the second quarter of 2019. On a geographical basis, sales in the United States decreased 36% to $77.9m, while a 71% decline in sales was seen internationally, reflecting more significant impacts from Covid-19. The decision to postpone a number of Q2 product launches until Q3 impacted Europe particularly severely, according to a company statement.
Sales of figures including Funko Pop! decreased 52% to $77.4m, and sales of other products decreased 34% to $20.7m. Sales related to Loungefly branded products declined 25% compared to the prior year despite many of its retailers being closed, which the company says reflects the resiliency of the Loungefly brand during the quarter.
Funko has also highlighted strong consumer demand within the domestic mass-market and third party eCommerce channels, as well as successful launches for games including Pan Am, Godzilla: Tokyo Clash, Back to the Future: Back in Time, and Marvel Battleworld: Mystery of Thanostones.
Brian Mariotti, CEO, stated: “Although our second quarter results were significantly impacted by store closures in both the US and abroad, we were able to accelerate our connection and engagement with our fans through continued innovation and new product introductions as well as the expansion of our direct to consumer business. In Q2, we saw strong performance on our own e-commerce sites which delivered triple-digit sales growth.”
Brian added: “Looking at the second half of the year, we are excited to have our most diverse product offering in the market come this holiday season. In the face of the highly dynamic environment, we are staying nimble and remain committed to our key growth strategies.”