Funko continues to go from strength to strength, having just seen its net sales grow 22 per cent to $166.8 million in its first quarter trading results.
In what the company’s CEO has cited as a “very strong quarter,” for the pop culture and collectables specialist, it looks to be positive results across the board, with a gross profit of 24 per cent to $63.5 million for Funko.
This growth, CEO Brian Mariotti, has said, is down to the continued demand for pop culture in all geographic markets the company currently serves.
“Funko started 2019 with a very strong quarter, once again exceeding our own expectations,” he said. “Demand for our products and pop culture in general is global and our growth was balanced with strong increases in all geographic markets.”
Net sales increased 22% to $166.8 million in the first quarter of 2019 from $137.2 million in the first quarter of 2018. The growth was driven primarily from an increase in the number of active properties and strong sales demand across all of our geographic markets and product categories.
Mariotti added: “We continue to make investments to support future growth, and even with those investments, we were able to increase both our operating margin and Adjusted EBITDA margin. We remain focused on optimising our long term growth and improving our operations.
“For the balance of the year, we look forward to continuing our expansion into new product categories, broadening our retailer network and increasing the portion of our sales coming from international markets. The strong performance in the first quarter increases our confidence that 2019 is going to be another great year for Funko.”