WORLD NEWS

Funko’s Q4 earnings fail to meet expectations

Published on: 7th February 2020

Funko has said that sales for the quarter ending 31st December 2019 were approximately $214m, down from $233m during the same period in 2018.

Funko has reported preliminary Q4 financial results that fell below expectations following a period of growth, and showed an 8% sales decline. The company said that disappointing sales of movie-related products and reduced orders from customers during the peak holiday season more than offset encouraging growth in Europe and for the Loungefly brand.

“While we are disappointed in our fourth-quarter results, we are confident that our strong track record of innovation through new product categories and properties, as well as continued international expansion, will continue to propel the company in 2020 and beyond,” commented Funko CEO Brian Mariotti. “The underlying strength of our Pop! and Loungefly brands, combined with Funko’s unique ability to leverage evergreen properties will enable the company to achieve high-single-digit to low-double-digit sales growth in 2020. Since 2017, we have grown sales at a compound annual rate of more than 20%. The key drivers that have fuelled our growth and brought Funko to where it is today remain intact. Looking forward, we plan to continue investing in existing and new products, people, and global operations to ensure the company is positioned for long-term success.”

Funko’s official Q4 and full-year results, due to be reported on 5th March, are expected to show double-digit growth for Loungefly in the fourth quarter, as well as a 10% decrease in sales of collectible figures for the same period.

A one-off charge of $16.8m has been taken, to write-down the disposal of slower-moving inventory to increase operational capacity.

The company expects the outlook for this year to show growth, in part fuelled by direct-to-consumer engagement and the introdyction of new IP across toys and games.

 

RECENT ARTICLES

Friday Blog

On a positive note…it’s the Friday Blog!

Rainbow High welcomes six new dolls

More new roles added to Toy World’s recruitment section

Zombie Kittens wins Best Variant award at UK Games Expo

Obituary: Bob Simpson

Consumers urged to ‘shop small’ for Independents’ Day Weekend

Mighty Jaxx showcases collectibles at Silverstone F1

The July issue of Toy World is out now

BTHA presents Golden Teddy Award to Tim Hall

Gabe Hicks appointed senior game designer at Steamforged Games