Jakks Pacific sees Q2 sales grow 43 per cent as it hits $112.4m in net sales

Strong performances across North America and its international network has helped the global toy manufacturer, Jakks Pacific reach net sales of $112.4 million this second quarter, an increase of 43 per cent on the same period last year.

Amid challenges posed by the pandemic and supply-chain and logistics issues caused by sky-rocketing container and shipping prices from the East, the company is championing “excellent results across both its toys and consumer products segment, and its costumes business this second quarter.

Jakks Pacific has seen net sales increase 43 per cent compared to the $78.8 million it took in the same period for 2020, and an 18 per cent growth compared to its $95.2 million in 2019, before the pandemic.

The results signify the company’s highest Q2 gross margin percentage since 2016.

“I couldn’t be prouder of our organisation’s execution in the past quarter,” said Stephen Berman, CEO of Jakks Pacific. “It has been well publicised within our industry and others the challenges being faced with the supply-chain and logistics, stretching from Asia to the US and Europe.

“Nonetheless, our teams worked together across offices to deliver product to our custeomrs as well as build up our domestic inventory in preparation for the second half of the year. The focus of the organisation as it continues to navigate the pandemic is extremely gratifying and a testament to our agility as a hands-on, customer focused company.

“From a sales perspective, we saw excellent results across our toys and consumer products and our costumes businesses, both in North America and internationally. Strong consumer demand continues to fuel our toy business and we anticipate strong results from several programmes we are initiating for this holiday season with our largest customers.”

Berman has stated that the company is now on track for a ‘great Halloween season’ thanks to a wide range of new introductions including Jurassic World, Minions, Ghostbusters, and The PAW Patrol Movie.”

Jakks Pacific’s toys and consumer products segment sales were up 45 per cent globally, while sales of Disguise costumes were up 37 per cent compared to last year.

Year to date, toys and consumer products sales have increased 36 per cent compared to 2020 and 28 per cent compared to 2019. Year to date, its costumes segment was up 31 per cent compared to 2020 and down 13 per cent compared to 2019, which featured a more robust entertainment slate.