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Jakks Pacific reports strong costume sales for Q2

Costume net sales for the second quarter, ended 30 June 2022, were $71.6 million, a year-on-year increase of 132.2%.

Net sales for Jakks Pacific in Q2 were $220.4 million, a year-on-year increase of 96.2%. Toys and consumer products net sales were $148.9 million, a YOY increase of 82.6%.

Gross margin for the period was 27.6%, down 77 basis points vs. Q2 2021, and operating income was $23.7million (10.7% of net sales) vs. $1.8 million in Q2 2021.

Stephen Berman, ceo of Jakks Pacific, commented: “Our past quarter’s results are extremely gratifying. The teams collaborated and executed at the highest level – chasing exceptional demand for our product, and relentlessly engaging with our manufacturers, customers and vendors to set everyone up for a great back-part of the year.

“We’re excited to continue to delight our consumers with a tremendous offering across our toy, consumer product and Halloween ranges, both on-shelf and online, and in the US and internationally.

“During the quarter we continued to see solid consumer demand across most of our major toy businesses, especially with Disney’s Encanto and Sega’s Sonic the Hedgehog. Our costume business shipped over $71 million, the highest Q2 shipment level since Disguise joined Jakks in 2008. Despite the continuation of supply-chain cost pressures, we nonetheless recorded our first profitable second quarter in 10 years. We have also accelerated our importation of product to support the second half of the year and mitigate our traffic at the ports during the peak season.

“We’re pleased to share that we utilised some of the proceeds of our recent results to make an optional $10 million pay-down against our long-term debt, mitigating some of the impact rising interest rate have on our cash interest expense.”

 

 

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