Funko has smashed its Q2 earnings and outstripped all expectations of the pop culture collectables specialist with a very healthy net sales increase of 38 per cent.
The Washington-based company is continuing to deliver the goods for 2019, having seen second quarter sales grow to $191.2 million for the second quarter of the year, up from $138.7 million in Q2 of 2018.
Funko also saw gross profit increase 35 per cent, net income rise to $11.4 million from $0.3 million, and income from operations increase a full 98 per cent.
Sales of its collectable figures lines increased 39 per cent, while Loungefly – among other softline products – saw a net sales increase of 30 per cent.
“We believe these results and our continued opportunities for growth demonstrate that the world is increasingly viewing pop culture through the lens of Funko,” said Funko CEO, Brian Mariotti.
“Funko has become a solid entertainment content platform, and our brand continues to grow in awareness and popularity around the world. This unique position enables us to develop new and increasingly profitable sources of revenue that we expect will propel continued growth for many years to come.”
Funko has made a series of moves for expansion of its staple offering just this year alone, having launched its first gaming app, a children’s book series and its first tabletop game, following the acquisition of the board game developer Forrest-Pruzan Creative.
Mariotti has stated that thanks to the growing range of opportunities for revenue growth, global expansion and entry into new categories makes him and the Funko team confident that “our best days lie ahead.”