Jakks Pacific has seen net sales for fiscal 2018 fall seven per cent year on year, to ring in at $567.8 million, attributing the losses to the liquidation of Toys R Us in the US and global markets.
For Q4 2018, Jakks reported net sales were also down from the previous year, hitting $132.3 million, compared to $136.6 million in the same period in 2017. Net loss for the quarter fell to $3.2 million, from $30.4 million in 2017.
In Q3 2018, Jakks initiated a plan to reduce its global workforce and consolidate operations in 2019 following a ten per cent drop in net sales. The firm also reported declines in Q1 and Q2.
Despite the declines, Jakks Pacific has revealed that a number of its products – including Incredibles 2 and Harry Potter – performed well during the fourth quarter.
For 2019, the toymaker aims to grow sales by approximately five per cent. It has also reported expanded international sales as well as an increased portion of sales generated through online retailers.