Jakks Pacific has reported its Q4 and full year sales, showing net sales in the Disguise costume segment had increased 61% in Q4, compared to the same period in 2021.
Net sales for Disguise for the full year were up 38%. Overall Jakks reported the second consecutive year of 20+% sales growth and long-term debt reduction of 55% year-on-year.
Stephen Berman, Jakks Pacific’s chairman and ceo, commented: “In addition to a couple of strong successes, we saw solid results from the majority of our product lines. We shipped an exceptional amount of product in a compressed time-window resulting in higher-than-average costs in our domestic fulfilment operations in the back half of the year, suppressing our full-year margins.
“In Q4 and in the new year, we focused on resetting our inventory position and warehouse capacity and feel well-positioned for the new year. Our North American business grew 27% on a full-year basis, and our International business grew by 38%.
“We have a great line-up of new introductions in 2023. We’re launching and extending some of our own brands, in addition to introducing new product lines in association with film and TV releases throughout the year. Although we anticipate the business reverting to its more traditional second half seasonality, our focus on prioritising FOB sales continues, which results in shipments earlier in the year as compared with other companies. We are also working diligently to capture year-over-year margin improvement opportunities both on product and in the supply chain.”
